OCBC Bank Ltd, the smallest of Singapore's three big lenders, reported a 120% jump in quarterly net profit yesterday after cutting the amount put aside for possible bad loans.
The results of OCBC, which is controlled by the family of tycoon Lee Wee Seng, bucked the trend among Singapore’s big banks. Larger rivals DBS Group Holdings Ltd and United Overseas Bank Ltd (UOB) reported falls of 27.5% and 12.6% in second-quarter profit last Friday after increasing bad loan provisions.
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