OCBC Bank’s earnings rose in the fourth quarter of 2023 due to higher operating profit and lower allowances set aside for potential bad loans, even as it faced increased funding costs that affected its margins.
Net profit for the three months to December 2023 rose 12 percent to $1.62 billion from $1.44 billion a year ago, it said on Feb 28. Its earnings fell short of the $1.71 billion forecast by an analyst in a Bloomberg poll.