The oversea Chinese Banking Corporation posted a 9.6 percent increase in second quarter profit on its income with most earnings from its insurance unit. The net income for the bank climbed to $466 million in three months ending June 30 this year. The average estimate for the profit was around $356 million. The oversea Chinese shares jumped directly to 57% this fiscal year.
Seeing this, the American Bank Corporations Merrill Lynch raised its holding into the company with larger DBS holdings. The net interest income rose to 5% in this quarter. The net interest margin had been widened to around 5 basis point. The banks insurance unit called as Great Eastern Holdings Ltd, had a increase in net income to around 5 times leading to $97.7 million. The profit from the unit almost doubled to $125 million which is 4 times compared to last quarter.
A report for the quarter ended June 30 states that the loans for Singapore rose to around $272.2 billion from $270.8 billion. Due to this the gross domestic product will shrink to 4 percent from 6 percent this year with a less forecast for contraction to as much as 9 percent.
A report for the quarter ended June 30 states that the loans for Singapore rose to around $272.2 billion from $270.8 billion. Due to this the gross domestic product will shrink to 4 percent from 6 percent this year with a less forecast for contraction to as much as 9 percent.
