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SGX:O39

53 stories mentioning SGX:O39Updated 2d ago

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International

Fitch Ratings Expects Singapore's Major Banks to Maintain Performance in 12-18 Months

Fitch Ratings expects Singapore banks DBS Group (SGX:D05), Oversea-Chinese Banking Corp. (SGX:O39) and United Overseas Bank (SGX:U11) to continue delivering solid performance over the next 12 to 18 months, according to a release late Thursday.The forecast comes despite increased uncertainty across the globe, with risks linked to banks' lower-rated overseas market and the length and severity of conflict in the Middle East.While all three banks have been reporting slower profitability due to lower interest rates, fee income growth due to wealth management segments has ensured strong financial performances.

^STISGX:D05SGX:O39SGX:U11
Asia

OCBC Prices EUR500 Million Bonds Due 2029

Oversea-Chinese Banking Corp. or OCBC (SGX:O39) priced 500 million euros worth of 2.989% fixed rate covered bonds due in 2029, according to a Tuesday filing with the Singapore Exchange.The bonds are drawn from the bank's $10 billion global covered bond program, with net proceeds to be used for general corporate purposes.The bonds are expected to be rated Aaa by Moody's and AAA by Fitch Ratings.Meanwhile, Red Sail will provide a guarantee for the payments of interest and principal.The bonds are expected to be listed on May 19, the filing said.

SGX:O39
Asia

Singapore Shares Crash as Middle East Tensions Weigh; OCBC Gains on Steady Q1 Growth

Singapore shares closed in negative territory on Friday, joining a regional retreat as investors reacted to news of the latest military strikes between the U.S. and Iran.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,895.09 and 4,939.10 throughout the day. It ended the session at 4,921.90, down 20.06 points or 0.4% compared to Thursday's close.According to Iranian news agencies, explosions were heard near the city of Bandar Abbas, with the Tehran regime responding by attacking US military vessels.On the corporate front, Oversea-Chinese Banking Corp. or OCBC's (SGX:O39) net profit attributable to equity holders rose 5% in the first quarter of the year to SG$1.97 billion from SG$1.88 billion a year earlier. Its shares were marginally up at the close.Shares of AvePoint (SGX:AVP) were up nearly 2% at the close as it booked a higher net income of $15.3 million during the first quarter of the year compared with $3.6 million a year earlier.Meanwhile, shares of Frasers Property (SGX:TQ5) closed nearly 3% lower, as its attributable profit to owners dropped by 38% during the fiscal first half ended March 31 to SG$88.4 million from SG$142.2 million a year earlier.

^STISGX:AVPSGX:O39SGX:TQ5
US Markets

OCBC Profit Rises in Q1 as Wealth, Insurance Income Offset Margin Pressure

Oversea-Chinese Banking Corp. or OCBC (SGX:O39), posted a 5% rise in first-quarter attributable profit as record non-interest income, led by solid growth in wealth management, cushioned the impact of thinning lending margins in a declining interest rate environment.Net profit attributable to equity holders came in at SG$1.97 billion, up from SG$1.88 billion a year earlier, according to the company's earnings published Friday.Earnings per share rose to SG$1.76, compared with SG$1.67 in the year-ago period. Analysts polled by Visible Alpha had projected EPS of SG$0.43 for the period.Total income rose 5% to SG$3.83 billion from SG$3.66 billion, as non-interest income jumped 23% to SG$1.61 billion from SG$1.31 billion a year earlier.Net interest income, however, declined 5% year over year to SG$2.22 billion from SG$2.35 billion. Analysts polled by Visible Alpha had projected net interest income of SG$2.30 billion."The Group's solid Q1 performance was underpinned by record non-interest income, led by strong growth in wealth management." "Operating expenses were well managed, with cost-to-income ratio below 40%. Loans and deposits were higher, supported by continued momentum in strategic growth areas," the lender said.OCBC added that its acquisition of HSBC's wealth business in Indonesia fits well into its "Next Frontier strategy" as the lender looks to build up its wealth business in Indonesia.Despite the strong performance, OCBC issued a cautious outlook regarding the global landscape, highlighting that global conditions remain uncertain amidst persistent geopolitical tensions and elevated inflation risks.The lender noted that the near-term outlook will depend on the evolution of the war in the Middle East and its potential impact on energy supply and pricing.However, OCBC reaffirmed that it remains "well positioned to navigate uncertainties and deliver sustainable long-term value."

SGX:O39
Asia

OCBC's Net Attributable Profit Up 5% in Q1

Oversea-Chinese Banking Corp. or OCBC's (SGX:O39) net profit attributable to equity holders rose 5% in the first quarter of the year to SG$1.97 billion from SG$1.88 billion a year earlier, according to a Friday filing with the Singapore Exchange.Earnings per share rose to SG$1.76 compared with SG$1.67 in the year-ago period.Analysts at Visible Alpha had projected earnings per share of SG$0.43 for the period.Net interest income, however, declined 5% year over year to SG$2.22 billion from SG$2.35 billion. Analysts at Visible Alpha had projected net interest income to come in at SG$2.30 billion.Total income gained 5% to SG$3.83 billion from SG$3.66 billion a year ago.

SGX:O39
Asia

Singapore Stocks Edge Down as Middle East Tensions Offset Upbeat Retail Data

Singapore shares incurred losses on Tuesday, mirroring regional losses as investors responded negatively to the possibility of the US and Iran returning to hostilities amid a fragile ceasefire.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,891.83 and 4,920.61 throughout the day. It ended the session at 4,920.61, down 3.70 points or 0.1% compared to Monday's close.In economic news, Singapore's total retail sales rose 4.8% year on year in March, following the 8.3% growth in the preceding month, according to data released by the Department of Statistics Singapore.On the corporate front, shares of UltraGreen.ai (SGX:ULG) dropped over 7% at the close as its total vial shipment fell 8.7% during the first quarter of the year to 280,900 vials from 307,600 vials a year earlier.Overseas-Chinese Banking Corp. or OCBC (SGX:O39) were hardly moved at the close, as it agreed to acquire the retail and wealth management business of HSBC's (HKG:0005) Indonesian arm.Meanwhile, shares of United Overseas Insurance (SGX:U13) were down under 1% as its insurance revenue dropped to SG$24.9 million in the first quarter of the year from SG$27.3 million a year earlier.

^STISGX:O39SGX:U13SGX:ULG
US Markets

OCBC Acquires HSBC Indonesia's Wealth, Retail Business, Adding SG$6.6 Billion in AUM

Oversea-Chinese Banking Corporation (SGX:O39) or OCBC, agreed to acquire the retail and wealth management business of HSBC (HKG:0005)'s Indonesian arm.The deal, executed through its subsidiary PT Bank OCBC NISP Tbk, involves the transfer of assets and liabilities of HSBC Indonesia's International Wealth and Premier Banking business, according to a Monday press release.The acquisition will expand OCBC's Indonesia platform by about SG$6.6 billion in assets under management and 336,000 customers.The portfolio includes SG$4.3 billion in customer investments across mutual funds, bonds, and insurance, as well as SG$2.3 billion in deposits and a retail loan book of about SG$0.3 billion.Total consideration will be based on net asset value at completion, with a premium of up to about SG$0.48 billion, subject to adjustment mechanisms."This acquisition in Indonesia fits well into our Next Frontier strategy under the Franchise Shift of building up our Indonesia franchise," Tan Teck Long, Chief Executive Officer of Oversea-Chinese Banking Corporation, said."Indonesia is a long-term commitment, and a key growth market," he added.The SG$2.3 billion deposit base, including sizable low-cost CASA balances, provides stable funding and opens up further wealth management opportunities, Long said.The deal is expected to be completed in the second quarter of 2027 and will be internally funded, with no material impact anticipated on OCBC's net tangible assets, earnings per share, or capital.IWPB Indonesia operates across 26 branches and is one of the largest foreign-owned retail and wealth platforms in the country.Upon completion, OCBC expects the deal to increase its Indonesia unit's AUM by about 25% and boost credit card balances by more than 150%, while adding around 1,300 employees to strengthen its wealth management capabilities.The news confirms a Bloomberg report in mid-April about OCBC emerging as the lead bidder for the assets. Bloomberg previously reported that Singapore's DBS Group (SGX:D05) and United Overseas Bank (SGX:U11), Malaysia's CIMB Group (KLSE:CIMB) and Japan's Sumitomo Mitsui Financial Group (TYO:8316) were in the running for the business.

HKG:0005KLSE:CIMBSGX:D05SGX:O39SGX:U11TYO:8316
Asia

OCBC to Acquire HSBC's Retail, Wealth Management Business in Indonesia

Overseas-Chinese Banking Corp. or OCBC (SGX:O39) agreed to acquire the retail and wealth management business of HSBC's (HKG:0005) Indonesian arm, according to a press release on Monday.The deal involves the transfer of HSBC's International Wealth and Premier Banking (IWPB) portfolio to OCBC's local subsidiary, PT Bank OCBC NISP Tbk.OCBC will take on approximately 336,000 customers. The acquisition also adds SG$6.6 billion in assets under management (AUM), expected to grow OCBC Indonesia's total AUM by 25%Credit card balances are projected to surge by more than 150%, and roughly 1,300 HSBC Indonesia employees will join the OCBC team.OCBC will pay a premium of up to SG$480 million above the net asset value of the IWPB portfolio.

HKG:0005SGX:O39
Asia

Keppel Infrastructure Trust Proposes Issue of SG$200 Million Worth of Bonds

Keppel Infrastructure Trust (SGX:A7RU) proposed the issue of SG$200 million worth of 2.80% bonds due 2033 under its SG$3 billion multicurrency debt issuance program, according to a Tuesday filing with the Singapore Exchange.DBS Bank, Oversea-Chinese Banking Corp. or OCBC (SGX:O39) and United Overseas Bank (SGX:U11) were the joint lead managers of the Series 006 bonds, which will mature on April 28, 2033.The bonds are expected to be issued on April 28.Net proceeds from the issue will be used for financing or refinancing acquisitions and investments, asset enhancement, general working capital and for refinancing the borrowings of the group.

SGX:A7RUSGX:O39SGX:U11
Asia

Keppel Infrastructure Trust Upsizes Multicurrency Debt Issuance Program

Keppel Infrastructure Trust (SGX:A7RU) updated and upsized its multicurrency debt issuance program from SG$2 billion to SG$3 billion, according to a Tuesday filing with the Singapore Exchange.DBS Bank and Oversea-Chinese Banking Corp. or OCBC (SGX:O39) were the arrangers and dealers under the amended program.

SGX:A7RUSGX:O39
Asia

Market Chatter: OCBC Leads Bid for HSBC's Indonesian Consumer Business

Oversea-Chinese Banking (SGX:O39) emerged as the lead bidder for HSBC Holdings' (HKG:0005) Indonesian consumer business, Bloomberg News reported Friday, citing people familiar with the matter.The Singaporean bank's offer values the business at $350 million, the report said, citing the sources.No final decision has been made, with a possibility of other parties joining the bid, the people reportedly said.OCBC and HSBC did not immediately respond to requests for comment from.Bloomberg previously reported that Singapore's DBS Group (SGX:D05), Oversea-Chinese Banking, and United Overseas Bank (SGX:U11), as well as Malaysia's CIMB Group (KLSE:CIMB) and Japan's Sumitomo Mitsui Financial Group were in the running for the business.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0005KLSE:CIMBSGX:D05SGX:O39SGX:U11
Asia

Lendlease Global Commercial REIT Prices SG$120 Million Worth of Bonds

Lendlease Global Commercial REIT (SGX:JYEU) priced SG$120.0 million worth of 4.28% perpetual bonds under its SG$1 billion multicurrency debt issuance program, according to a Tuesday filing with the Singapore Exchange.Shares of the REIT were down nearly 1% in Wednesday trading.The bonds will be issued on April 23, the filing said.DBS Bank and Oversea-Chinese Banking Corp. or OCBC (SGX:O39) were appointed as joint global coordinators, while DBS Bank, OCBC and United Overseas Bank (SGX:U11) were named as joint lead managers and bookrunners for the bonds.Net proceeds raised from the issue will be used to refinance existing borrowings.

SGX:JYEUSGX:O39SGX:U11
Asia

OCBC Buys Back Shares Worth SG$13.5 Million

Oversea-Chinese Banking Corp. or OCBC (SGX:O39) bought back 600,000 shares in the open market nearly SG$13.5 million or SG$22.51 apiece, according to a Monday filing with the Singapore Exchange.The bank has been authorized to buy back around 224.9 million shares from its existing mandate. To date, it has bought back over 26.1 million shares.

SGX:O39

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