OCBC shares down close to 3% after Q4 earnings miss

SHARES of OCBC fell in early trading on Wednesday (Feb 26) morning after the lender posted a net profit for the fourth quarter that fell short of consensus estimates.

As at 9.10 am, the counter fell 2.8 per cent or S$0.50 to S$17.10 from its closing price of S$17.60 on Tuesday.

It pared losses slightly to trade at S$17.23, down 2.1 per cent or S$0.37 as at 9.40 am on Wednesday. 

Before the market opened on Wednesday, OCBC reported a net profit of S$1.69 billion for the fourth quarter ended December, up 4 per cent from S$1.62 billion in the previous corresponding period.

This fell short of the S$1.78 billion consensus forecast in a Bloomberg survey of five analysts.