Singapore's second-largest lender Oversea-Chinese Banking Corp reported a larger-than-expected 40% tumble in second-quarter net profit on Friday, hurt by loan-loss provisions in a pandemic-hit market and a slowdown in customer activity.
) shored up allowances and cut costs to deal with the double whammy of low interest rates and weak growth.
OCBC’s net profit fell to S$730 million in April-June from S$1.2 billion a year earlier. The profit was lower than the average estimate of S$980 million of five analysts, according to data from Refinitiv. Banks are beefing up provisions to cope with expected bad loans as regulators ease billions of dollars in loan moratoriums over the next few months for consumers and businesses battered by the COVID-19 pandemic.
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