OCBC’s (BUY, S$14.96) 2Q2023 results were slightly below expectations with net profit of S$1.71bn vs consensus estimate of S$1.75bn. It came from lower than expected fee income of S$430mn (-10% YoY) and higher allowances of S$252mn (+248% YoY) mainly due to higher allowances set aside for non-impaired assets. FY23 interim dividend is up 43% YoY to 40 cents.
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