SINGAPORE (Aug 6): Oversea-Chinese Banking Corporation (OCBC Bank) reported 2Q18 earnings of $1.21 billion, up 16% from a year ago and above one analyst's estimate of $1.19 billion, driven by robust performance across each of the group’s banking, wealth management and insurance businesses.

This brings earnings for the 1H18 ended June to $2.32 billion, 22% higher than $1.90 billion a year ago.

Strong loan growth and higher net interest margin (NIM) drove 2Q18 net interest income to a new high of $1.45 billion, which was 8% above $1.35 billion a year ago. Average customer loans grew 11%, driven by broad-based growth across most industries and geographical segments. NIM expanded 2 basis points to 1.67% from 1.65% a year ago, boosted by higher asset yields in Singapore and Malaysia which saw higher NIMs in both markets.

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