OCBC first quarter results - Net Profit at S$856 million

OCBC Bank reported its first quarter results.  In summary:

• Revenue dropped 2% to $2.06 billion
• Net Interest Income rose 5% to $1.31 billion
• Net Profit dropped 14% to $856 million.
• Total non-performing loans ratio rose to 1% from 0.9% last quarter.
• NAV was $8.20 (increase by 5.1%)
• Earnings per share was 82.2 cents (down 17.6%)

OCBC Bank share price closed down at $8.77 (drop of $0.13).

Is OCBC a bargain at this price? 

Personally, I prefer DBS which is trading at a slight discount to its book value. Comparatively, OCBC does provide a slightly higher yield of 4 1% versus DBS 3.9%.