OCBC posts 12% drop in 3Q earnings to $1.03 bil on larger allowances, higher than consensus' estimates

Oversea-Chinese Banking Corporation (OCBC Bank) has reported earnings of $1.03 billion for the 3QFY2020 ended September, some 12% lower than the $1.17 billion a year ago, largely driven by larger allowances.

The results surpassed expectations of analysts’ estimates compiled by Bloomberg, which stood at $787 million.