OCBC reports $648m net profit for 2nd quarter
OCBC kick-started the local bank reporting season on Thursday with a second quarter net profit of $648 million, up 12 per cent from the same time a year ago.
Earnings growth was on the back of higher net interest income, fees and commissions, trading revenue and lower allowances.
However, there was no repeat of the record profit of $835 million recorded in the first quarter, as earnings growth were partly offset by lower profit from Great Eastern Holdings, OCBC's insurance arm.
Net interest income was up 13 per cent in the three months ended June 30. Loans growth increased by 14 per cent to $138 billion but net interest margins were compressed to 1.77 per cent, down from 1.87 per cent.