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OCBC Cautious on Mideast Conflict Despite Strong Earnings -- Update
Oversea-Chinese Banking Corp. remains cautious about the Middle East conflict even after the Singapore bank posted higher first-quarter net profit on record noninterest income.The warning echoes larger rival DBS Group, which has also flagged an uncertain outlook, as Singapore's small, open economy, faces rising risks from the global energy shock."We remain very concerned about what's happening in the Middle East war, because [it has] a very direct impact on Southeast Asia in terms of energy supply and therefore the prices," Group Chief Executive Tan Teck Long said on an earnings call on Friday.OCBC is also closely monitoring the trade tariff situation, Tan said.Still, the bank maintained its 2026 guidance, including its target for mid-single-digit loan growth.His comments came shortly after Singapore's second-largest lender by assets reported higher net profit for the three months ended March. Net profit rose 4.8% from a year earlier to 1.97 billion Singapore dollars, equivalent to US$
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