OCBC’s (O39.SG) 2Q10 earnings of $503 million, +8.0% on-year, tad below $517 million tipped in Dow Jones poll, but unlikely to weigh on share price as results not surprising with low interest rates continuing to pressure net interest margin.

Non-interest income tad higher, with stronger fee and commission income offsetting weaker trading income due to lower contributions from insurance unit Great Eastern Holdings (G07.SG), which reported results last week, prompted mild pullback in OCBC shares.

OCBC’s overall 2Q10 earnings also boosted by lower allowances for loans as asset quality improved. Results included full-quarter contributions from Bank of Singapore (former ING Asia Private Bank), acquired in January.

Shares +0.7% at $9.09 midday; any further upside expected to meet resistance at 52-week high of $9.20, with support at last week’s $8.89 low. Interim dividend of $0.15/share declared vs $0.14/share year earlier.