OCBC Bank Ltd, Singapore’s third largest lender, posted yesterday a sharp 62% rise in quarterly profit due to an asset sale, lower provisions for bad loans, and higher contributions from its insurance unit.
The last of the three local banks to report, OCBC’s results were in line with those of bigger rivals DBS Group Holdings Ltd and United Overseas Bank Ltd (UOB), which reported late last month improved quarterly profits thanks to a buoyant stock market and a regional economic rebound.