SINGAPORE’S second-largest lender Oversea-Chinese Banking Corp (OCBC) reported a larger-than-expected 40% tumble in quarterly net profit today, hurt by loan-loss provisions in a pandemic-hit market and a slowdown in customer activity.
Net profit declined to SG$730 mil (RM2.23 bil) in the June quarter from S$1.2 bil a year earlier and versus the average estimate of SG$980 mil of five analysts, according to data from Refinitiv.
Profit rose 5% from the first quarter.
OCBC’s provisions for credit losses swelled to SG$750 mil in the second quarter from SG$111 mil a year earlier.
The results came a day after larger peer DBS Group’s quarterly profit slumped by a fifth but was above market estimates and rose on the quarter. – Aug 7, 2020, Reuters
