OCBC Q4 Profit Up 12%

Singapore's Oversea-Chinese Banking OVCHF reported a 12% rise in its fourth-quarter net profit. OCBC's quarterly net profit surged to 663 million Singapore dollars (US$537 million), from S$594 million, in the year-ago period. However, analysts were expecting a profit of S$569 million. OCBC's net interest income declined 0.4% to S$921 million from S$925 million, while non-interest income surged 32% to S$757 million from S$572 million.