SINGAPORE: Singapore’s second-biggest lender Oversea-Chinese Banking Corp (OCBC) on Friday (Aug 4) posted a 34 per cent rise in second-quarter net profit that was in line with expectations, mainly driven by better income growth and partly offset by higher allowances.

OCBC, which is also Southeast Asia’s second-largest lender by assets, said its April to June net profit climbed to S$1.71 billion (US$1.28 billion) from S$1.28 billion a year earlier.

This compares with a mean estimate of S$1.76 billion in profit from four analysts polled by Refinitiv.