SINGAPORE (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd (OCBC.SI) reported a nearly 14 percent rise in quarterly profit, largely led by sustained growth in its wealth management business and robust results from insurance operations.
The city-state’s second-biggest lender said net profit came in at S$973 million ($692 million) in the three months ended March 31 versus S$856 million a year ago. Net interest margin however contracted 13 basis points to 1.62 percent.
“We achieved broad-based loan growth, grew our private banking assets under management (AUM), and reported significantly higher fee income,” CEO Samuel Tsien said in a statement on Tuesday.
The bank said the overall quality of its loan portfolio remained stable and although the stress in the oil & gas support services sector continued, sufficient provisions had been made.
($1 = 1.4056 Singapore dollars)
Reporting by Anshuman Daga; Editing by Stephen Coates