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Singapore's OCBC bank posts 14% jump in Q2 net profit, beats expectations
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Singapore's OCBC bank posts 14% jump in Q2 net profit, beats expectations
Aug 1, 2024 4:36 PM

SINGAPORE (Reuters) - Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) reported on Friday a 14% jump in net profit in the second quarter from a year earlier, driven mainly by income growth and a decline in allowances.

OCBC, which is also Southeast Asia's second-largest lender by assets, said its April-June net profit rose to S$1.94 billion ($1.45 billion) from S$1.71 billion a year earlier.

This was above the mean estimate of S$1.82 billion or expectations for a 6.4% on-year rise from five analysts polled by LSEG.

($1 = 1.3362 Singapore dollars)

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