OCBC Profit Climbs on Wealth as New CEO Tan Shares Strategy

Oversea-Chinese Banking Corp. narrowly beat fourth-quarter profit estimates, thanks to strong wealth management fees that helped buoy the lender as new Chief Executive Officer Tan Teck Long unveiled his three-year strategy.

Singapore’s second-largest lender reported a higher net income at S$1.75 billion ($1.38 billion) in the three months ended Dec. 31, capping an earnings season that saw the other two lenders post a profit drop. That compared with the S$1.73 billion average estimate of analysts surveyed by Bloomberg.