OCBC's Profit Falls 14% on Insurance Income Drop, Provisions
- Net income of S$856 million was below analyst expectations
- Lower contribution from Great Eastern insurance unit
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Oversea-Chinese Banking Corp., Singapore’s second-largest bank, said first-quarter profit dropped 14 percent, as provisions for bad loans more than doubled and the contribution from its insurance unit declined.
Net income fell to S$856 million ($636 million) in the three months ended March 31 from S$993 million a year earlier, the company said Friday in a statement. That was below the S$899 million average of five analysts’ estimates compiled by Bloomberg.