Singapore's OCBC posts record Q2 profit; UOB earnings decline

Singapore's OCBC posts record Q2 profit; UOB earnings decline
PHOTO: The Straits Times

SINGAPORE - Oversea-Chinese Banking Corp , Singapore's second-biggest lender, beat expectations with a 14 per cent rise to record profit in the second quarter, helped by strong growth in loans and fee income.

But smaller rival United Overseas Bank posted a 5.7 per cent decline in quarterly profit, hit by lower trading income and slower loan growth.

OCBC's net profit came in at S$1.05 billion in the three months ended June, more than S$921 million earned a year earlier and an average forecast of S$971 million from seven analysts polled by Reuters.

UOB said net profit for the quarter was S$762 million, below S$808 million in the same period year ago and the average forecast of S$819 million from five analysts polled by Reuters.

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