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Oversea-Chinese Banking Q1 Profit Drops 16%

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Singapore's Oversea-Chinese Banking (OTC: OVCHF) reported a 16% drop in its net profit after tax in the first quarter.

OCBC's quarterly net profit after tax fell to S$696 million, or $564 million, versus S$832 million, in the year-earlier period.

Its net interest income declined 4% to S$912 million, while operating expense increased 8% to S$672 million.

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