Singapore lender OCBC's fourth quarter net profit falls 10 percent, misses estimates

SINGAPORE (Reuters) - Singapore's Oversea-Chinese Banking Corp Ltd missed market estimates by reporting a 10 percent drop in quarterly profit on Friday, hit by a subdued performance in its insurance business. The results from Singapore's No

Reuters February 22, 2019 06:06:22 IST
Singapore lender OCBC's fourth quarter net profit falls 10 percent, misses estimates

Singapore lender OCBCs fourth quarter net profit falls 10 percent misses estimates

SINGAPORE (Reuters) - Singapore's Oversea-Chinese Banking Corp Ltd missed market estimates by reporting a 10 percent drop in quarterly profit on Friday, hit by a subdued performance in its insurance business.

The results from Singapore's No. 2 listed bank came days after top lender DBS Group Holdings Ltd posted an eight percent rise in quarterly profit, in line with market expectations.

OCBC's October-December net profit came in at S$926 million ($684 million), versus S$1.03 billion a year earlier and compared with the S$1.17 billion average estimate of four analysts, according to data from Refinitiv.

(Reporting by Anshuman Daga; Editing by Stephen Coates)

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