SINGAPORE (Reuters) -Singapore lenders Oversea-Chinese Banking Corp and United Overseas Bank beat profit estimates, driven by recovery in core markets, but their sequential performance slowed sharply, underscoring challenges to maintain growth. OCBC, Singapore’s second-biggest bank, reported net profit of S$1.16 billion ($858.75 million) in April-June versus S$730 million a year earlier. The bank’s total allowances for loan losses fell 69% in the second quarter from a year earlier. Profit rose 43% from a year earlier as impairment charges more than halved, but profit was flat from the first quarter. Last week, Singapore’s central bank removed caps on bank dividends, citing an improving global economic outlook.

Source: MetroXpress August 03, 2021 23:15 UTC