5 things you need to know about OCBC earnings

OCBC reported a better-than-expected quarterly profit, sending its shares to a record high.

ocbc
A man uses an Oversea-Chinese Banking Corporation (OCBC) Bank automated teller machine in Singapore's central business district. REUTERS

Singapore's second-largest lender Oversea-Chinese Banking Corp. on Thursday reported a better-than-expected quarterly profit, sending its shares to a record high.

Here are five highlights of the results:

  • OCBC's return on equity, a measure of profitability, rises to highest level since June 2015
  • The lender saw gains in its wealth management and insurance businesses
  • Income from wealth management unit jumped 52 percent due to its $225 million acquisition of Barclays' Asia wealth management business
  • Non-performing loans ratio was stable in the three months ended June
  • OCBC's insurance unit Great Eastern Holdings on Tuesday said its second-quarter profit more than doubled

READ MORE