OCBC's Q2 profit tops expectations, says on track to meet 2024 targets

People pass an OCBC Bank signage in Singapore. — Reuters

SINGAPORE: Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) reported on Friday a stronger-than-expected 14% year-on-year jump in second quarter net profit and said it was firmly on track to meet its 2024 targets.

OCBC, which is also Southeast Asia's second-largest lender by assets, said its April-June net profit rose to S$1.94 billion ($1.45 billion) from S$1.71 billion a year earlier, driven mainly by income growth and a decline in allowances.