By P.R. Venkat


Oversea-Chinese Banking Corp. said its first-quarter net profit had fallen 10% on year due to lower non-interest income and the high base seen a year earlier.

Net profit for the quarter ended March was 1.36 billion Singapore dollars ($980.75 million), while total income was S$2.64 billion, down 9% on year, OCBC said Friday.

On a quarter-on-quarter basis, net profit had grown 39% on year with total income registering 4% growth.

In the first quarter, the bank's non-interest income had fallen 23% on year to S$1.14 billion mainly due to lower trading income and lower fees and commissions.

"The gradual re-opening of economies and borders in Southeast Asia will drive a further rise in economic activities and we continue to closely monitor the evolving pandemic situation in Greater China," Chief Executive Helen Wong said.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

04-28-22 1958ET