OCBC Profit Beats Estimates on Lending, Lower Allowances
- Lending income expands on higher net interest margin, growth
- CEO sounds a note of caution on rising global trade tensions
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Oversea-Chinese Banking Corp.’s second-quarter profit rose more than analysts estimated as lending income increased and loan allowances fell.
Net income climbed 16 percent to record S$1.21 billion ($884 million) in the three months ended June from a year earlier, the Singapore-based bank said Monday. That beat the S$1.12 billion average forecast in a Bloomberg survey of four analysts.