Singapore

OCBC Q4 profit drops 9% to $1.13 billion on lower total income

SINGAPORE (REUTERS) - Singapore's second-biggest listed-lender, Oversea-Chinese Banking Corp, reported a 9 per cent drop in quarterly profit on Wednesday (Feb 24), dragged down by a 15 per cent decline in total income in pandemic-hit markets.

The bank's October-December net profit came in at $1.13 billion versus $1.24 billion a year earlier, and compared with the $955.9 million average estimate of four analysts, according to data from Refinitiv.

OCBC's net interest margin, a key gauge of profitability, dipped to 1.56 per cent from 1.77 per cent a year earlier, as lower interest rates roil the banking sector. 

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