UPDATE 2-Singapore's OCBC quarterly profit drops, but wealth management fees grow [Reuters (UK)]
SINGAPORE TELECOM S/ADR (SGAPY)
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Source: Reuters
UPDATE 2-Singapore's OCBC quarterly profit drops, but wealth management fees grow - Reuters 3 Min Read * July-Sept profit slides 6% on charge for Indonesian unit * Wealth management fees jump, net interest income also higher * Outlook challenging amid trade war, potential new rivals (Recasts and adds CEO comment) By Anshuman Daga SINGAPORE, Nov 5 (Reuters) - Oversea-Chinese Banking Corp Ltd, Singapore’s second-biggest listed bank, said quarterly profit fell 6%, hurt by a one-off charge for its Indonesian unit that overshadowed growth for its wealth management and lending businesses. In particular, higher wealth management fees helped offset a challenging environment as Singapore narrowly dodged a recession in the third quarter due to the trade war between the United States and China - two of the city-state’s biggest export markets. “Our performance for this quarter underscored the competitive strength of our diversified business franchise,” CEO Samuel Tsien said in a statement. “Globa
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