Singapore banks report strong profit growth, loan losses decline

OCBC, Singapore's second-biggest bank, reported net profit of S$1.16 billion ($858.75 million) in April-June versus S$730 million a year earlier.

SINGAPORE: Singapore lenders Oversea-Chinese Banking Corp and United Overseas Bank beat quarterly profit estimates on Wednesday, driven by recovery in their core markets and lower provisions for loan losses.

Prospects in Singapore's banking sector have improved as a rebounding economy has boosted demand for mortgages and loans, while booming markets have bolstered the wealth management business.