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BRIEF-Oversea-Chinese Banking says qtrly net interest income fell 7 pct
February 13, 2017 / 11:15 PM / 10 months ago

BRIEF-Oversea-Chinese Banking says qtrly net interest income fell 7 pct

Feb 14 (Reuters) - Oversea-Chinese Banking Corporation Limited

* qtrly net interest income was 7% lower at s$1.25 billion

* qtrly net allowances for loans and other assets of s$305 million for quarter were 57% above s$193 million in 4q15.

* for q4 of 2016 (“4q16”), net profit after tax was s$789 million, an 18% decrease from same quarter last year

* operating environment in 2016 continued to be challenging

* group’s common equity tier 1 capital adequacy ratio as at 31 december 2016, was 14.7%

* total net allowances for loans and other assets were s$726 million in fy16, as compared to s$488 million a year ago

* board has proposed a final tax-exempt dividend of 18 cents per share, bringing fy16 total dividend to 36 cents per share

* “looking ahead, while headwinds facing broad economy are likely to persist”

* “confident that we are well-positioned to support our valued customers through this difficult period”

* there continued to be stresses particularly within oil & gas sector which drove increases in non-performing loans and allowances

* “uncertain outlook and depressed oil prices particularly impacted oil and gas support services sector” Source text for Eikon: Further company coverage:

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