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SINGAPORE, Feb 14 (Reuters) - Oversea-Chinese Banking Corp , Singapore's second-biggest lender, reported a bigger-than-expected 18 percent drop in quarterly net profit, dragged down by a 57 percent jump in bad debt charges.
OCBC's net profit came in at S$789 million ($571 million) in the three months ending December, versus S$960 million a year earlier and an average forecast of S$856 million from six analysts polled by Reuters.
OCBC's net allowances for loans and other assets rose to S$305 million in the fourth quarter from a year earlier, highlighting the sector's growing exposure to the stressed oil services sector.
$1 = 1.4237 Singapore dollars Reporting by Anshuman Daga; Editing by Stephen Coates