SINGAPORE: Singapore’s Oversea-Chinese Banking Corp (OCBC) on Friday (May 8) flagged heightened macro risks from the war in the Middle East, after posting a 5 per cent rise in first-quarter net profit driven by growth in its wealth business.
OCBC, the country’s second-largest bank, reported a 5 per cent year-on-year rise in its net profit for the January-March period, bolstered by non-interest income, which grew more than 20 per cent from the year-ago period.
However, the lender set aside S$191 million (US$150.51 million) of allowances for non-impaired assets, including additional precautionary buffers to reflect elevated uncertainties in the operating environment, it said in slides accompanying its results.
That compares with S$118 million from the previous year, and a S$36 million write-back in the fourth quarter of 2025.
“Looking ahead, global conditions remain uncertain amid geopolitical tensions and elevated inflation risks,” said OCBC’s Group CEO Tan Teck Long.
