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Feb 18, 2009, 7:17 GMT

Singapore's OCBC Bank posts 30-per-cent drop in quarterly profit

Singapore - Singapore's Oversea-Chinese Banking Corporation (OCBC) on Wednesday posted a 30-per-cent drop in net profit for the fourth quarter of 2008. Net profit from October to December fell to 301 million Singapore dollars (197 million US dollars) from 428 million Singapore dollars during the same period in 2007, the bank reported. 'Our results for the year, particularly in the last quarter, were impacted by the global financial crisis and economic downturn. The current recession is expected to continue throughout 2009,' chief executive officer David Conner said. Net profit for the full year 2008 declined by 16 per cent to 1.75 billion Singapore dollars. The depressed economic environment hurt the group's insurance, investment and trading income, and also resulted in significantly higher allowances for loans and other assets, the bank said. On Tuesday, the bank's insurance subsidiary Great Eastern Holdings announced a 50 per cent drop in net profit for 2008.

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