OCBC Profit Jumps on Higher Income From Lending, Wealth Business
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Oversea-Chinese Banking Corp.’s fourth-quarter profit rose 31 percent on higher revenue from lending and wealth management as well as a drop in bad-loan provisions.
Net income climbed to S$1.03 billion ($780 million) in the three months ended December from S$789 million a year earlier, Southeast Asia’s second-largest lender said Wednesday. That beat the S$956 million average forecast in a Bloomberg survey of seven analysts.