SINGAPORE (Reuters) – Singapore’s second-largest bank Oversea-Chinese Banking Corp (OCBC) reported on Friday a 14% jump in net profit in the second quarter from a year earlier, driven mainly by income growth and a decline in allowances.
OCBC, which is also Southeast Asia’s second-largest lender by assets, said its April-June net profit rose to S$1.94 billion ($1.45 billion) from S$1.71 billion a year earlier.
This was above the mean estimate of S$1.82 billion or expectations for a 6.4% on-year rise from five analysts polled by LSEG.
($1 = 1.3362 Singapore dollars)
(Reporting by Yantoultra Ngui; Editing by Himani Sarkar)
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