Singapore bank OCBC’s Q1 net profit jumps 39% to record $1.42 billion

SINGAPORE (Reuters) -Singapore’s second biggest lender Oversea-Chinese Banking Corp (OCBC) on Wednesday reported a 39% jump in its first-quarter net profit from a year earlier on the back of strong net interest income growth.

OCBC, which is also Southeast Asia’s second biggest bank by assets, said January-March net profit jumped to a record S$1.88 billion ($1.42 billion) from S$1.36 billion a year earlier. That beat the mean estimate of S$1.74 billion from five analysts surveyed by Refinitiv.

($1 = 1.3245 Singapore dollars)

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