OCBC first-quarter profit climbs 5% to S$1.97 billion as wealth business powers ahead
Singapore's second-largest lender OCBC posted a 5% rise in first-quarter net profit to S$1.97 billion, beating market expectations. Wealth management fees and resilient corporate loan growth drove the result. The print signals that Asian banking is starting the year on a firm footing despite Strait of Hormuz volatility.
OCBC Bank reported a first-quarter net profit of S$1.97 billion, up 5% year-on-year and ahead of consensus, with the lender reaffirming its target of double-digit growth in wealth fees and assets under management for 2026.
The stand-out feature of the result was strong fee income, which more than offset modest pressure on lending margins. OCBC's Southeast Asia franchise outside Singapore — particularly Vietnam and Indonesia — continued to benefit from accelerating corporate loan demand. Strait of Hormuz-linked oil volatility had not yet shown up in the bank's loan book in any meaningful way.
Sell-side analysts signalled they were likely to nudge OCBC price targets higher after the print. The shares rose more than 1% in Singapore trading after the release, while the broader STI was little changed on the session.
More from Asia
SK Hynix Flooded With Unprecedented Big Tech Orders for Memory Chips
South Korea's SK Hynix says it has received "unprecedented" orders from big tech firms eager to lock in supplies of high-bandwidth memory chips for AI servers. The chipmaker says its 2026 production capacity is largely sold out. Its shares are trading near record highs in Seoul.
Toyota Expects $5.5 Billion Hit From Iran War Fallout
Toyota said it expects an additional $5.5 billion in costs in fiscal 2026 because of fallout from the Iran war on global logistics and energy prices. The carmaker cut its profit guidance and signalled possible price changes for some US models. Its shares opened lower in Tokyo.
Explosion at China fireworks factory kills 26 people
An explosion at a fireworks factory in Hunan province, China, killed 26 people and injured 61, according to state media reports.