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OCBC's Q4 net profit falls 10%, misses estimates

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SINGAPORE: Oversea-Chinese Banking Corp (OCBC) missed market estimates by reporting a 10 per cent drop in quarterly profit on Friday (Feb 22), hit by a subdued performance in its insurance business.
The results from Singapore's No 2 listed bank came days after top lender DBS Group posted an 8 per cent rise in quarterly profit, in line with market expectations.
AdvertisementOCBC's October to December net profit came in at S$926 million, versus S$1.03 billion a year earlier and compared with the S$1.17 billion average estimate of four analysts, according to data from Refinitiv.
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