Singapore's OCBC profit up 21 pct on insurance, trading gains

Singapore's OCBC profit up 21 pct on insurance, trading gains

SINGAPORE - Oversea-Chinese Banking Corp , Singapore's second-biggest lender, posted a 21 percent rise in quarterly net profit, beating expectations, helped by higher trading income and gains from its insurance unit.

OCBC's net profit came in at $960 million in the three months ended December, versus $791 million a year earlier and above an average forecast of $872 million from six analysts polled by Reuters.

OCBC's bad debt charges for loans and other assets rose 25 percent to $193 million in the fourth quarter from a year earlier, reflecting an industry-wide trend of rising bad debt as Asian economies slow.

More about

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.