Profits up 65% at Oversea-Chinese Banking Corp

8 August 2007

Singapore-based bank Oversea-Chinese Banking Corp (OCBC) has posted a 65 per cent in second-quarter profit.

Profit excluding exceptional items hit $342 million up from $207 million for the year ago period.

The company's performance was boosted by loan growth of 12 per cent , buoyed by lending to small to medium enterprises in Malaysia and Indonesia.
Meanwhile, earnings from the firm's life insurance business were up 94 per cent to $81.9 million and income from fees and commission was up 53 per cent to $143.3 billion.

David Conner, chief executive at OCBC, said: "Our first half performance is underpinned by strong growth across all our key business segments and geographies.

"Our regional expansion in Malaysia, Indonesia and other overseas markets has also delivered healthy earnings momentum."

Last year, OCBC's performance was boosted by a number of asset sales, including that of stakes in Robinson and Co and Southern Bank Bhd in Malaysia, which netted the firm $482 million.

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