Wednesday , April 26 2017

Banking

OCBC rallies on earnings surprise as Singapore Bank rivals fall

Office workers walk past an Oversea-Chinese Banking Corp (OCBC) branch in Singapore's financial district August 5, 2014. OCBC, Singapore's second-biggest lender, on Tuesday posted a 54 percent rise in quarterly profit, beating expectations thanks to brisk loan growth and a strong performance from its insurance unit. OCBC, which last week boosted its China exposure by gaining over 90 percent control of Hong Kong-lender Wing Hang Ltd , said it expected to take advantage of growing investment and trade flows between Greater China and Southeast Asia. REUTERS/Edgar Su (SINGAPORE - Tags: BUSINESS)

Bloomberg Oversea-Chinese Banking Corp. (OCBC) rallied after fourth-quarter profit rose more than analysts anticipated. Shares of its two large Singapore rivals fell. The bank’s stock surged on Wednesday by the most in almost six months following the release of an exchange statement showing net income climbed 21 percent on higher ...

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