By P.R. Venkat
Oversea-Chinese Banking Corp.’s fourth-quarter net profit fell 9% on year due to lower net interest and non-interest income.
Net profit for the quarter was 1.13 billion Singapore dollars (US$855.87 million), while total income was down 15% to S$2.49 billion, OCBC said Wednesday.
For the full year, the lender had set aside S$2.04 billion toward Covid-19 related provision as against S$890 million one year ago.
The bank’s net interest during the fourth quarter was down 11% at S$1.44 billion, while non-interest that includes fees and commissions fell 20% at S$1.05 billion.
“While economic conditions have started to show signs of stabilisation and we are seeing increased activities in some pockets of the economy, the recovery is not yet broad-based,” OCBC Chief Executive Samuel Tsien said.
He said that the uncertainty of Covid-19 continue to weigh on business confidence and consumer sentiment.
Write to P.R. Venkat at [email protected] Zoom.com
(END) Dow Jones Newswires
February 23, 2021 18:37 ET (23:37 GMT)
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