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Financials

Singapore lender OCBC reports 6% drop in Q3 profit

SINGAPORE, Nov 5 (Reuters) - Oversea-Chinese Banking Corp Ltd, Singapore’s second-biggest listed bank, reported a 6% drop in quarterly profit on Tuesday, missing estimates, after booking a one-off charge at its Indonesian banking unit.

OCBC’s net profit came in at S$1.17 billion ($861.05 million) for the July-September quarter, compared with S$1.25 billion a year earlier.

It missed a S$1.19 billion average estimate of five analysts, according to data from Refinitiv. ($1 = 1.3588 Singapore dollars) (Reporting by Nikhil Kurian Nainan and Anshuman Daga; Editing by Shailesh Kuber)

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