May 7, 2020 / 11:24 PM / 19 days ago

Singapore lender OCBC's Q1 profit slumps 43 pct on coronavirus charges

SINGAPORE, May 8 (Reuters) - Oversea-Chinese Banking Corp reported a 43% fall in first-quarter net profit, worse than market estimates, as Singapore’s second-largest lender set aside higher credit allowances to cover the impact of the coronavirus pandemic.

The bank said on Friday its profit declined to S$698 million ($494 million) in January-March from S$1.23 billion a year earlier. That was weaker than an average estimate of S$941 million from four analysts, according to Refinitiv data.

$1 = 1.4132 Singapore dollars Reporting by Anshuman Daga; Editing by Tom Hogue

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