Oversea-Chinese Banking Corporation Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported net interest income of SGD 1,307 million against SGD 1,249 million a year ago. Total income was SGD 2,060 million against SGD 2,108 million a year ago.

Profit before income tax was SGD 1,052 million against SGD 1,236 million a year ago. Profit attributable to equity holders of the bank was SGD 856 million against SGD 993 million a year ago. Earnings per share basic and diluted were 20.6 cents against 24.9 cents a year ago.

Net cash used in operating activities was SGD 937 million against net cash from operating activities of SGD 309 million a year ago. Operating profit before allowances and amortisation was SGD 1,137 million against SGD 1,235 million a year ago. Net interest income increased 5%, mainly driven by improved net interest margins.

Annualised return on equity SFRS basis was 10.1% compared with 13.2% a year ago. Return on assets SFRS basis was 1.03% compared with 1.16% a year ago. Annualised return on equity cash basis was 10.4% compared with 13.5% a year ago.

Return on assets cash basis was 1.06% compared with 1.19% a year ago. Capital expenditure was SGD 81 million against SGD 53 million a year ago. Net asset value per share after valuation surplus was SGD 9.82 against SGD 9.99 per share a year ago.