OCBC Q4 Net Profit Surges 18%

Oversea-Chinese Banking Corp OVCHY posted an 18% surge in its fourth-quarter net profit. OCBC's quarterly net profit climbed to S$594 million, versus S$505 million, versus analysts' estimates of S$595.1 million. OCBC's net interest income surged 20% to S$925 million versus S$769 million. Its non-interest income climbed 2% to S$572 million from S$560 million. OCBC's shares closed at $14.00 on Friday.