OCBC's First-Quarter Net Profit Rose on Record Noninterest Income
By Amanda Lee
Oversea-Chinese Banking Corp.'s first-quarter net profit rose, thanks to record noninterest income.
Net profit for the three months ended March, increased 4.8% from a year earlier to 1.97 billion Singapore dollars, equivalent to US$1.55 billion, Singapore's second-largest lender by assets said Friday.
Total income rose 4.7% to S$3.83 billion during the quarter.
Net interest income -- the difference between what banks earn on loans and pay on deposits -- decreased 5.2% to S$2.22 billion, amid a lower interest rate environment, the bank said.
However, noninterest income climbed 23% to S$1.61 billion, led by its wealth business, it added.
The bank's wealth fees increased 34% to S$422 million.
Looking ahead, global conditions are still uncertain amid geopolitical tensions and elevated inflation risks, said OCBC Group Chief Executive Tan Teck Long.
"Much of the near-term outlook will depend on how the war in the Middle East, with its impact on energy supply and prices, evolves, while the ongoing trade tariff situation is also being closely monitored," Tan added.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
May 07, 2026 19:58 ET (23:58 GMT)
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