SINGAPORE - Oversea-Chinese Banking Corp (OCBC) on Wednesday said its quarterly profit rose 65%, helped by strong loan growth and higher fee income on the back of buoyant capital markets. OCBC, the smallest of Singapore's three banks, reported a net profit of S$518 million for the April-June period, excluding exceptionals.
This was up from S$314 million a year ago.
OCBC has lagged behind its larger rivals in capturing loan growth in recent quarters despite a strong local economy and booming construction market.
United Overseas Bank, Singapore's second-biggest lender, on Tuesday reported a 32% rise in quarterly profit, excluding exceptional gains, as a construction and property boom fuelled strong loan growth.
DBS Group Holdings, Singapore's biggest lender, last month reported a 21% jump in quarterly net profit, excluding one-offs, due to higher loan income and strong fees. - CNA/ir
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