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Shares rose more than 8% in premarket trading. “These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities.” “Kellogg has been on a successful journey of transformation to enhance performance and increase long-term shareowner value, said Kellogg CEO Steve Cahillane in a statement. The board of directors has approved the plans and headquarters for the three units will remain unchanged. New names for the spin-offs will be announced later, and the spinoffs are expected to be completed by the end of 2023. And, lastly, a new “pure-play plant-based foods company” will be anchored by its MorningStar Farms brand. (K) North America cereal unit, which includes Raisin Bran and Rice Krispies, its snacking unit will become a second company, including Cheez-Its and Pringles. Kellogg is splitting into three different companies in a major shakeup for the 116-year-old company. 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The bank sees 2023 return on equity above 14 per cent but loan growth in the low single-digit range, reflecting market conditions, versus earlier projections of low-to-mid single-digit loan growth. Net interest margin was 2.28 per cent in the first nine months of this year. That is higher than the 2.2 per cent net interest margin expected by OCBC earlier for 2023. OCBC, which is also Southeast Asia's second-largest lender by assets, projected a net interest margin at 2.25 per cent region for 2023, according to earnings presentation slides by Group Chief Executive Helen Wong. SINGAPORE: Singapore's second largest bank Oversea-Chinese Banking Corp (OCBC) raised its targeted 2023 net interest margin, a key profitability gauge, after posting on Friday (Nov 10) a better-than-expected 21 per cent jump in third-quarter net profit. |
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