OCBC 1Q Net Rose 39% on Higher Interest Income
By P.R. Venkat
Oversea-Chinese Banking Corp. said its first-quarter net profit rose 39% on year due to higher net interest income.
Net profit for the period ended March was 1.88 billion Singapore dollars ($1.42 billion), while net interest income was S$2.34 billion, up 56% from a year earlier, OCBC said Wednesday.
The bank's non-interest income fell 11% on year to S$1.01 billion, mainly due to lower wealth management fees.
Total allowances during the quarter were S$110 million compared to S$44 million a year ago, mainly due to higher provisioning for non-impaired assets.
"Our key markets in Asia are expected to stay resilient with positive long-term prospects," OCBC Chief Executive Helen Wong said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
May 09, 2023 19:53 ET (23:53 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth