FILE PHOTO: People pass by an OCBC bank branch in Singapore on Nov 4, 2020. SINGAPORE: Oversea-Chinese Banking Corp beat market estimates with a more than doubling of its quarterly profit on Friday , thanks to a robust performance in its wealth management business and a drop in credit allowances.
The results rounded up a strong performance by DBS Group and United Overseas Bank in tandem with a recovering global economy. Net profit for OCBC came in at S$1.5 billion in the quarter ending in March, compared with the S$901.9 million average of three analysts' estimates compiled by Refinitiv, and versus S$698 million in the year-ago period.
OCBC's shares have risen over 23 per cent so far this year, outperforming peers and the broader local index.
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