1) OCBC reports a 14% increase in 2Q net profit to $1.94bn, driven by fee, trading, and insurance income; shares rise 2.3%.
OCBC, Singapore's second-largest bank, reported a higher-than-expected 14% increase in its second-quarter net profit to S$1.94 billion, driven by strong growth in fee, trading, and insurance income. The bank's net profit for the first half of the year rose 9% to S$3.93 billion, with wealth management income accounting for 35% of the group's total income and wealth management assets under management reaching a new high of S$279 billion. OCBC's shares rose by 2.3% following the release of the financial results, indicating investor confidence in the bank's ability to navigate the challenges posed by the global pandemic.
August 02, 2024
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