OCBC Q2 Profit Soars 22% to S$2.22B, Smashing Estimates as Non-Interest Income Surges 51%

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‼️ BREAKING: OCBC (SGX:OCBC) clocked a stronger-than-expected jump in its second quarter net profit on Friday. Net profit for the three months to June 30 rose 22% year-on-year to S$2.22 billion ($1.73 billion). The print was higher than Bloomberg estimates of S$1.95 billion. Net interest income fell 1% year-on-year to S$2.26 billion. But non-interest income surged 51% year-on-year to S$1.91 billion. Fees and commissions, trading income, and insurance-related income all rose sharply in the quarter. OCBC declared an interim dividend of 47 cents per share, up from 41 cents a year ago
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