Singapore’s OCBC Bank has seen its second-quarter net profit slump 40% after it took SGD 350m ($255m) in provisions related to impaired loans for offshore support vessels.
Net profit for the three months ended 30 June was SGD 730m versus SGD 1.2bn a year ago, and below consensus estimates of SGD 930m.
OCBC said its OSV portfolio, excluding conglomerates, is now down to less than 0.3%
