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Singapore’s OCBC Q4 net profit up 31pc, cautious on oil and gas sector

A woman walks past an Oversea-Chinese Banking Corporation branch in Singapore January 12, 2016. — Reuters picA woman walks past an Oversea-Chinese Banking Corporation branch in Singapore January 12, 2016. — Reuters picSINGAPORE, Feb 14 — Singapore’s Oversea-Chinese Banking Corp Ltd posted a 31 per cent rise in quarterly net profit, supported by its wealth management business, and downgraded its exposure to the weak offshore support services sector.

The results from Singapore’s No 2 listed bank came after top lender DBS Group Holdings Ltd matched market estimates with a 33 per cent rise in quarterly profit last week.

OCBC’s October-December net profit came in at S$1.03 billion (RM3.06 million), versus S$789 million a year earlier and compared with the S$958 million average estimate of seven analysts compiled by Reuters. — Reuters

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