Singapore's OCBC Q4 net profit falls 18 pct, bad debt charges rise
SINGAPORE Feb 14 Oversea-Chinese Banking Corp , Singapore's second-biggest lender, reported a bigger-than-expected 18 percent drop in quarterly net profit, dragged down by a 57 percent jump in bad debt charges.
OCBC's net profit came in at S$789 million ($571 million) in the three months ending December, versus S$960 million a year earlier and an average forecast of S$856 million from six analysts polled by Reuters.
OCBC's net allowances for loans and other assets rose to S$305 million in the fourth quarter from a year earlier, highlighting the sector's growing exposure to the stressed oil services sector.
($1 = 1.4237 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephen Coates)