SINGAPORE, April 29 — Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, posted a worse-than-expected 14 per cent drop in quarterly profit due to an increase in bad debt charges and a lower contribution from its insurance unit.
OCBC’s net profit came in at S$856 million (RM2.47 billion) in the three months ended March, versus S$993 million a year earlier and compared with an average forecast of S$934 million from five analysts polled by Reuters. — Reuters
