SINGAPORE, Feb 14 (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd posted a 31 percent 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 percent rise in quarterly profit last week.
OCBC’s October-December net profit came in at S$1.03 billion ($779 million), versus S$789 million a year earlier and compared with the S$958 million average estimate of seven analysts compiled by Reuters.
$1 = 1.3227 Singapore dollars Reporting by Anshuman Daga; Editing by Stephen Coates