SINGAPORE, May 7 (Reuters) - Singapore’s Oversea-Chinese Banking Corp Ltd posted a 29 percent rise in quarterly profit on Monday, underpinned by strong growth in net interest income and wealth management.
The city-state’s second-biggest listed lender said net profit came in at S$1.11 billion ($832 million) in the three months ended March 31 versus S$861 million a year ago.
It fell short of the average estimate of S$1.18 billion from five analysts compiled by Thomson Reuters.
Net interest margin rose 5 basis points to 1.67 percent.
Some of OCBC’s year-ago numbers were restated as it said Singapore-incorporated companies listed on the Singapore Exchange were required to adopt a new financial reporting framework. ($1 = 1.3335 Singapore dollars) (Reporting by Anshuman Daga Editing by Eric Meijer)