Oversea-Chinese Banking Q1 Profit Drops 16%

Singapore's Oversea-Chinese Banking OVCHF reported a 16% drop in its net profit after tax in the first quarter. OCBC's quarterly net profit after tax fell to S$696 million, or $564 million, versus S$832 million, in the year-earlier period. Its net interest income declined 4% to S$912 million, while operating expense increased 8% to S$672 million.