In today’s briefing:
- OCBC – 10 Nov Results | Credit Costs +150% Then +250% | ~4% Loans Greater China CRE | Insurance Risk
OCBC – 10 Nov Results | Credit Costs +150% Then +250% | ~4% Loans Greater China CRE | Insurance Risk
- In past 2 quarters OCBC (OCBC SP) saw its credit costs rise 150% YoY and then 250% YoY. For almost all of the preceding 8 quarters YoY growth was negative.
- It holds 3.8% of total loans in Greater China CRE, a sector that has seen visible deterioration in some banks, like Standard Chartered (STAN LN) and HSBC Holdings (HSBA LN).
- Great Eastern Holdings (GE SP) is seeing weakness in main revenue lines, with worsening policy claims. Its profit delta this year is distorted from the base effect.
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