OCBCs 1Q21 profit of S$1.5bn (+33% qoq, +115% yoy) beat our S$1.24bn and was 34% above consensus, thanks to life assurance profit (S$422m). Non-II of S$2.9bn was up 40% qoq due to the above, steady wealth management (+13% qoq) and strong trading income (+20% qoq). Lower credit cost of S$161m was in line (no provision write-back). ROE climbed to 12.4% (4Q20: 9.3%). We see positive share price movement.
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