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One off gains underpins OCBC profit

One off gains underpins OCBC profit

(15 August 2006 – Singapore) OCBC has posted a second quarter net profit of S$795 million, up from S$304 million a year ago. OCBC, which is the smallest of Singapore’s domestic banks after DBS and UOB, more than doubled its quarterly profit although the result was bolstered by a number of large one off gains made through sales of property and other investments.

However, with one off gains taken out, the bank’s net profit rose just three percent.

OCBC chief executive David Conner said the bank would use the excess capital to buy back shares and make other financial services sector investments.

He said the bank would look for investment opportunities throughout the Asia region.
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