Southeast Asia's second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) joined its Singapore peers in beating market estimates and pumping out record quarterly profits as banks rake it in on higher interest rates.
The OCBC Bank logo is seen outside its headquarters after the bank reported its first-half results, in Singapore, August 3, 2022. REUTERS/Anshuman DagaSays on track to meet full-year targetsSINGAPORE, Nov 4 - Southeast Asia's second-largest lender Oversea-Chinese Banking Corp Ltd
The city-state's banks, which boast some of the strongest capital buffers in the world, have effectively weathered the COVID-19-induced slump and are now benefiting from rebounding Asian economies. "Risks would be if growth dives significantly as inflation bites harder across the region. For now, that seems more like a worst case scenario, with modest credit growth of mid single digit looking reasonable," said Kevin Kwek, a senior analyst at Sanford C. Bernstein.
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