SINGAPORE: Singapore's Oversea-Chinese Banking Corp Ltd posted a 29 per cent rise in quarterly profit on Monday (May 7), underpinned by strong growth in net interest income and wealth management.
The city-state's second-biggest listed lender said net profit came in at S$1.11 billion in the three months ended Mar 31 versus S$861 million a year ago.
AdvertisementIt fell short of the average estimate of S$1.18 billion from five analysts compiled by Thomson Reuters.
Net interest margin rose 5 basis points to 1.67 per cent.
Some of OCBC's year-ago numbers were restated as it said Singapore-incorporated companies listed on the Singapore Exchange were required to adopt a new financial reporting framework.
Let's block ads! (Why?)
More...