OCBC zips ahead of Q2 profit expectations

STRONG banking operations combined with continued cost control and a contribution boost from its insurance arm brought Oversea-Chinese Banking Corporation (OCBC) record quarterly earnings.

OCBC, the last of the three Singapore banking groups to post its financial results for the April-June quarter, posted a net profit of S$921 million, up 54 per cent from the year-ago quarter's S$597 million and beating analysts' estimate of S$803.8 million based on a Bloomberg poll.

The Q2 net profit translated to annualised earnings per share of S$1.057, compared with 67.2 Singapore cents a year ago.