By P.R. Venkat
Oversea-Chinese Banking Corp.’s second-quarter net profit rose 34% on year, supported by higher interest income.
Net profit for the quarter was 1.71 billion Singapore dollars ($1.28 billion), OCBC said Friday.
Total income during the quarter rose 30% to S$3.46 billion of which net interest income during the quarter rose 40% to S$2.39 billion.
Non-net interest income came in at S$1.07 billion compared with S$964.0 million a year earlier.
Allowances for loans and other assets during the quarter were S$252.0 million compared with S$72.0 million mainly because of higher provisioning for non-impaired assets.
OCBC said it was raising its 2023 interim dividend to 40 Singapore cents, up 43%, or 12 Singapore cents from a year ago.
Write to P.R. Venkat at [email protected]
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