OCBC reports 29% profit rise for Q1; pins China hopes on Wing Hang

Singapore

OCBC's proposed $6.2 billion acquisition of Wing Hang Bank could help the bank cut through some red tape in setting up more branches in China, thanks to a free trade pact between Hong Kong and China.

The bank said this yesterday as it beat expectations to post record quarterly earnings. First-quarter net profit rose 29 per cent to $899 million from the previous corresponding quarter's $696 million. This translated to earnings per share of 26.2 cents, up from 20.2 cents a year ago. Annualised earnings per share were 104.5 cents, up from 79.1 cents.