Singapore lender OCBC’s Q2 profit rises 59%, above estimates

SINGAPORE (Reuters) – Singapore lender Oversea-Chinese Banking Corp Ltd (OCBC) reported a 59% jump in April-June net profit on Wednesday, supported by recovery in its core markets.

The bank posted a profit of S$1.16 billion ($858.75 million)in the second quarter, from S$730 million a year earlier. That compared with the S$1.12 billion average of four analyst estimates, Refinitiv data showed.

“While the long-term trajectory of global economic recovery is positive, we remain watchful on the current operating environment in view of the recent virus resurgence and heightened safety measures in our key markets,” Chief Executive Helen Wong, who took charge in April, said in a statement on Wednesday.

On Wednesday, smaller local peer, United Overseas Bank Ltd, reported flat second-quarter net profit at S$1 billion. That compared with the S$948 million average of three analyst estimates, according to Refinitiv data.

($1 = 1.3508 Singapore dollars)

(Reporting by Anshuman Daga; Editing by Christopher Cushing)