OCBC beats expectations with 14% rise in Q1 profit to S$973m

Singapore

OCBC Bank posted a 14 per cent year-on-year jump in first-quarter net profit due to more fee income and higher profits from its Indonesian businesses.

The last of the three local banks to report Q1 results, OCBC said net profit rose 14 per cent to S$973 million from sustained growth in wealth management income, higher profit from insurance operations as well as increased earnings in local currency terms from all the group's overseas banking subsidiaries, particularly from Indonesia.