May 7, 2018 / 12:02 AM / in 6 months

Singapore lender OCBC's Q1 net profit rises 29 pct

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)

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