SINGAPORE: Oversea-Chinese Banking Corp (OCBC) reported steady second-quarter profit, while its net interest income rose to a record, driven by growth in loans and margins.
"Loan growth was sustained and net interest margin continued to improve. Fee income rose quarter-on-quarter, led by higher wealth-management fees, with our private banking Assets Under Management climbing to new levels," CEO Samuel Tsien said in a statement on Friday (Aug 2).
AdvertisementAdvertisementSingapore's second-biggest listed lender said net profit came in at S$1.22 billion in the three months ended June, versus S$1.21 billion a year ago.
[h=3]READ: DBS Q2 profit jumps 17% to S$1.6b, maintains loan growth forecast[/h]This compared with an average profit estimate of S$1.29 billion from two analysts, according to data from Refinitiv. OCBC said net interest income grew 10 per cent to a new high of S$1.59 billion.
Second-quarter profit at smaller lender United Overseas Bank advanced 8 per cent to S$1.17 billion, supported by improvement in both interest and non-interest income, the bank said.
AdvertisementAdvertisementLet's block ads! (Why?)
More...