Singapore’s OCBC Reports 28% Profit Jump in Earnings Beat

(The Straits Times) — Oversea-Chinese Banking Corp Ltd. reported on Aug. 3 a better-than-expected increase in second-quarter earnings from a year ago as it benefited from rising interest rates.

Net profit for Singapore’s second-biggest local bank came in at S$1.48 billion ($1.07 billion) for the three months to June, up 28% from S$1.16 billion for the same period a year ago. It also blew past the S$1.26 billion forecast by analysts in a Bloomberg poll.