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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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