Oversea-Chinese Banking Corporation (OCBC) reported a group net profit of $1.5 billion for the 1QFY2021 ended March, 33% higher q-o-q from $1.13 billion previously, and 115% higher y-o-y from $698 million previously.

In its quarterly results updated dated May 7, OCBC attributes the better performance to broad-based income growth and lower allowance.

Total income for the period grew 17% q-o-q to $2.91 billion, primarily driven by non-interest income, which jumped 40% q-o-q or $424 million to $1.47 billion. This follows higher net commissions and fees (+13% or $68 million), higher trading income (+20% or $52 million) and higher profit from life insurance (+192% or $422 million) on better market conditions.

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