OCBC Q1 Profit Beats Estimates on Wealth Business Growth
Singapore's second-largest bank reported a 5% increase in net profit for the first quarter, exceeding analyst expectations. The lender increased its precautionary allowances to S$191 million due to geopolitical uncertainties and potential energy price volatility stemming from the Middle East war.
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Oversea-Chinese Banking Corp reported a 5% rise in first-quarter net profit to S$1.97 billion, beating analyst estimates of S$1.89 billion. The result, driven by a 34% surge in wealth management fees to S$422 million, reflects strength in the bank's wealth business. Rising geopolitical risks in the Middle East prompted the lender to increase loan-loss buffers to S$191 million from S$118 million a year ago.
