OVERSEA-CHINESE BANKING CORPORATION LIMITED By P.R. Venkat
Oversea-Chinese Banking Corp. said its first-half net profit had risen 7% on year due to higher net interest income and lower allowances.
Net profit for the period ending June was 2.84 billion Singapore dollars ($2.05 billion), while total income was S$5.52 billion, up marginally from S$5.49 billion a year ago, OCBC said Wednesday.
Total allowances during the period were lower at S$116 million as compared with S$393 million in the previous year, mainly due to lower allowances for impaired loans.
In the first quarter, the bank's non-interest income had fell 10% on year to S$2.32 billion, largely due to a drop in fee, investment and trading income, the bank said.
"Overall economic growth in our key markets is expected to remain positive this year but at a slower pace due to the heightened headwinds in the operating environment," OCBC's Chief Executive Helen Wong said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
08-02-22 1951ET
