By P.R. Venkat

Oversea-Chinese Banking Corp.'s first-quarter net profit more than doubled mainly supported by lower allowances and higher non-interest income.

Net profit for the quarter was 1.50 billion Singapore dollars (US$1.12 billion) compared to S$698 million in the same period year ago, OCBC said Friday.

Total income was up 15% to S$2.91 billion, with total non-interest income that includes trading revenues rose 70% to S$1.47 billion.

Allowances during the quarter came in at S$161 million from S$657 million set aside in the last year period due to Covid-19 pandemic.

"While we remain watchful of the prevailing risks in the operating environment, our strong balance sheet and capital position will enable us to capitalise on opportunities arising from improved economic conditions, particularly in ASEAN and Greater China," OCBC Chief Executive Helen Wong said.

OCBC's wealth management income, comprising revenue from insurance, premier and private banking, asset management and stock broking, rose 40% on year to S$1.21 billion.

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

(END) Dow Jones Newswires

05-06-21 1935ET