SINGAPORE (REUTERS) – Singapore’s second-biggest listed-lender, Oversea-Chinese Banking Corp, reported a 9 per cent decline in quarterly profit, dragged down by lower total income in pandemic-hit markets, but showed growth in its wealth business.

OCBC’s lower-than-expected fall in net profit came after larger peer DBS also posted a profit decline on weak margins but flagged a pick-up in growth.

“While economic conditions have started to show signs of stabilisation and we are seeing increased activities in some pockets of the economy, the recovery is not yet broad-based,” said OCBC’s group CEO Samuel Tsien, who will be succeeded by deputy president Helen Wong in mid-April.