SINGAPORE — Singapore's second-largest bank Oversea-Chinese Banking Corp. (OCBC) reported on Friday a stronger-than-expected 14-percent year-on-year jump in second-quarter (Q2) net profit and said it was firmly on track to meet its 2024 targets.
SINGAPORE — Singapore's second-largest bank Oversea-Chinese Banking Corp. reported on Friday a stronger-than-expected 14-percent year-on-year jump in second-quarter net profit and said it was firmly on track to meet its 2024 targets.'As we look ahead, we are alert to the heightened level of geopolitical uncertainties,' OCBC's Group Chief Executive Officer Helen Wong said in a statement.
The bank's earnings followed that of smaller peer United Overseas Bank , which on Thursday reported a 1-percent on-year rise in second-quarter net profit to SG$1.43 billion, in line with estimates.The results from UOB and OCBC this week kick-start the current earnings season for Singaporean banks, which have benefited from strong inflows of wealth into Asia, thanks to its political stability, low taxes and policies favorable toward family offices and trusts.
Lender Reports $1.45-B Q2 Profit
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