Singapore OCBC’s Q1 net profit slumps 16pc

Oversea-Chinese Banking Corp , Singapore’s second-biggest lender, posted a 16 per cent fall in first quarter profit, hurt by lower contributions from its insurance unit and weak interest rate margins.

OCBC earned S$696 million (HK$6.06 billion million) in the three months ended March, compared with S$832 million (HK$5.23 billion) a year earlier. Its profit was above the S$656 million average forecast of eight analysts polled by Reuters.

Business momentum is strong and asset quality remains sound, chief executive Samuel Tsien said.

via Business feed http://www.scmp.com/business/banking-finance/article/1226559/singapore-ocbcs-q1-net-profit-slumps-16pc