SINGAPORE - OVERSEA-CHINESE Banking Corp (OCBC) said on Wednesday net profit in the second quarter to June fell 33 per cent from a year ago due to the absence of exceptional gains. For the three months to June, net profit totalled $532 million, down from $795 million last year which included exceptional gains of $482 million from a property sale and other divestments.
Despite the 33 per cent decline, OCBC's June quarter net profit of $532 million were above analysts projections of $402 million to $480 million.
Excluding one-time gains, core earnings in the second quarter were up 65 per cent to $518 million compared to $314 million last year, OCBC said. The jump was due to higher net interest income and non-interest income.
Net interest income - the difference between interest paid to depositors and interest earned from borrowers - in the April-June period was $558 million, an increase of 28 per cent from last year.
Non-interest income, which includes fees and commissions, rose an annual 50 per cent to $493 million, the bank said.
'Our first-half performance is underpinned by strong growth across all our key business segments and geographies,' said chief executive David Conner.
'This reflects not only the healthy business environment but also the significant investments we have made over the years to grow our customer businesses, including wealth management, insurance and asset management.'
For the half-year ended June, net profit grew 6.0 per cent to $1.17 billion. -- AFP
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