OCBC’s net profit jumped 11% to $993m in Q1

On back of higher income across the board.

OCBC today reported that its net profit grew 11% year-on-year to $993m in the first quarter, on back of strong growth in its customer-related businesses and a more diversified earnings base.

Net interest income increased 15% year-on-year to $1.25b, mainly from robust asset growth. Customer loans rose 20% year-on-year $210b.

Non-interest income rose 7% year-on-year to $859m. Fee and commission income increased 12% to $395 million from strong growth in wealth management, brokerage, fund management and trade fees.

The first quarter results included the consolidation of OCBC Wing Hang Bank, which became a subsidiary in the third quarter of 2014.

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