OCBC posted 29 percent increase in quarterly net profit

Singapore headquartered Oversea-Chinese Banking Corp (OCBC)'s quarterly net profit rose 29 percent, according to reports on Monday, May 7. 

The increase was due to strong growth in net interest income and wealth management.

Photo courtesy: Wiki
Photo courtesy: Wiki

In the quarter that ended on Mar 31, net profit posted by the bank was S$1.11 billion, as compared to S$861 million last year. 

This was slightly lower than the average estimate of S$1.18 billion from five analysts compiled by Thomson Reuters.

The bank was also Singapore's second-biggest listed lender.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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