OCBC

[iam802]

Singapore is a financial hub, right?

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2011Sep-OCBC Bk-800x600.png

[winston]

not vested

OCBC's Q3 profit down 10 pct, misses expectations

SINGAPORE, Nov 3 (Reuters) - Oversea-Chinese Banking Corp , Singapore's second-biggest lender, on Thursday posted a 10 percent fall in quarterly profit on declines in trading income and profit from its insurance arm, missing expectations.

OCBC posted a net profit of S$513 million ($403 million) in July-September, compared to S$570 million a year earlier.

That compared with an average forecast of S$538 million, according to four analysts polled by Reuters.

The result came after Singapore's largest bank DBS Group Holdings on Wednesday posted a better-than-expected 6 percent rise in quarterly net profit, to S$762 million as strong loans growth helped offset a fall in interest margins.

United Overseas Bank Ltd , the smallest of the three listed banks, however reported a worse-than-expected 24 percent fall in third quarter net profit as trading income fell and the bank booked losses on its investment holdings.

Source: Reuters

[iam802]

What's happenings to all these banks...these are issues that should not happen in the first place.

--
Stock trading on OCBC website stopped by power failure

http://www.straitstimes.com/BreakingNew ... 59581.html

[winston]

Family members deny knowing of OCBC RM's fraud
Author: Grace Leong

(SINGAPORE) Tan Wei Chong alias Lex Tan often bet on soccer match outcomes while playing mahjong, and frequented online gaming sites.

But his family never suspected the former OCBC relationship manager (RM) had a gambling problem or would resort to defrauding clients to pay off gambling debts.

That's in affidavits filed by several of Tan's family members who are being sued in the High Court by OCBC as alleged accessories and had their assets frozen just before Christmas last year.

Tan is now serving a seven-year prison sentence for siphoning $4.83 million from the accounts of three OCBC clients - John Lee, 84; Irene Lee Keilman, 74; and Lee Zeng Kuen, 86.

Tan, who faced a total of 46 charges, pleaded guilty last June to 11 counts of cheating OCBC of $4.67 million and over 88,000 euros, and four counts of money- laundering. The remaining 31 charges were taken into consideration in his sentencing.

According to OCBC, Tan had defrauded the three clients by forging their signatures and carrying out unauthorised transfers from their accounts. The misappropriated funds were then allegedly channelled through intermediary accounts held solely or jointly by eight family members, and ultimately withdrawn by Tan to pay off gambling losses totalling $3.5 million, the bank said.

Source: Business Times

http://www.singaporelawwatch.sg/slw/hea ... dium=email

[iam802]

I wonder if the govt. is following this.

1. If betting on soccer and online gambling can lead to this, how about the casino itself?

2. On the corporate front, what is OCBC (and other banks) going to do about all these?

All it takes is a forged signature to wire the funds out.

[winston]

not vested

OCBC , Singapore's second-biggest lender reported an 18 percent rise in quarterly profit, buoyed by strong loan growth.


Source: Reuters

[winston]

not vested

OCBC, Singapore's second-largest lender, on Friday posted a better-than-expected 32 percent rise in first quarter net profit, helped by stronger loans, trading and investment income as well as an increase in contributions from its insurance arm.


Source: Reuters

[winston]

not vested

Singapore's Oversea-Chinese Banking Corp said on Monday it is setting aside another S$500 million ($391.5 million) to buy its shares from the market.


Source: Reuters

[winston]

not vested

OCBC - Thirsty buyer with cash to blow

OCBC and Great Eastern have been approached with an offer for their combined 18.2% stake in FNN and 7.92% stake in APB.

In our estimation, non-core gains could be in the range of S$1.5bn-S$2.0bn. We see strong investor interest in the near term.

Maintain Neutral, earnings forecasts and GGM-based (ROE: 11.4%, r: 9.5%, g: 4.4%) target price for now.

Discussions are ongoing with few details firmed up.

In addition, OCBC’s vulnerability to market whipsaws and a potentially weaker 2Q12 , could be de-rating catalysts in the near term.

Source: CIMB

[winston]

not vested

OCBC's Q4 net profit up 12 pct, above forecast

SINGAPORE, Feb 15 (Reuters) - Oversea-Chinese Banking Corp , Singapore's second-biggest lender, posted a 12 percent jump in fourth quarter net profit, due to a rise in fee income and a quadrupling of gains from its insurance unit that offset weak interest margins.

OCBC earned S$663 million ($537 million) in the three months ended in December, compared with S$594 million a year earlier.

The profit was above the S$622 million average forecast of five analysts polled by Reuters.

The group has not announced any special dividend after it profited from post-tax gains of S$1.13 billion in the third quarter following the sale of stakes in conglomerate Fraser and Neave and Asia Pacific Breweries , to companies linked to a Thai beer baron.

Chief Executive Samuel Tsien said in a statement OCBC is well placed to pursue new opportunities and drive growth in key geographies and businesses.

Last week, bigger rival DBS Group Holdings reported a net profit of S$760 million for October-December, below an average forecast of S$810 million on weak interest margins.[

Source: Reuters