SINGAPORE, Feb 22 (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd missed market estimates by reporting a 10 percent drop in quarterly profit on Friday, hit by a subdued performance in its insurance business.
The results from Singapore’s No. 2 listed bank came days after top lender DBS Group Holdings Ltd posted an eight percent rise in quarterly profit, in line with market expectations.
OCBC’s October-December net profit came in at S$926 million ($684 million), versus S$1.03 billion a year earlier and compared with the S$1.17 billion average estimate of four analysts, according to data from Refinitiv. ($1 = 1.3535 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephen Coates)