A man walks towards the Oversea-Chinese Banking Corp (OCBC) headquarters building in Singapore. Net profit for OCBC jumped 29% to a record USS$899mil for Q1, while for DBS it climbed 30% to a record USS$1.23bil, boosted by the sale of a stake in a Philippine lender - AFP Photo.
SINGAPORE: Singapore's DBS Group Holdings and Overseas Chinese Banking Corp reported record first quarter profit that topped market forecasts, powered by double-digit loan growth and improved margins.
The results also showed the banks' asset quality has not been affected by deteriorating bad debt problems in China and came despite slower growth in Singapore's housing market.
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