Singapore's Oversea-Chinese Banking Corp more than doubled its quarterly profit on Friday as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances. The results rounded up a strong showing by Singapore lenders DBS Group and United Overseas Bank in tandem with a recovering global economy that is helping boost bank earning across many countries.
United Overseas Bank, Singapore's smallest listed lender, reported an 18% rise in first-quarter net profit on Thursday, boosted by strong fee income growth, a decline in impairment charges and strong credit demand.
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E * Asian stock markets: https://tmsnrt.rs/2zpUAr4 * Chinese PMIs weigh on regional equities * Singapore stocks eye best week in seven * Philippines eyes worst day in six weeks By Harish Sridharan April 30 (Reuters) - Most equity markets in emerging Asia fell on Friday, with Philippine stocks leading the losses, as weaker-than-expected Chinese factory indicators and concerns about Beijing's clampdown on internet companies weighed on sentiment. Data from the national Bureau of Statistics (NBS) in China showed the official manufacturing purchasing managers' index (PMI) fell to 51.1 in April from 51.9 in March. "Asian markets are likely reacting to disappointment in China's NBS PMIs as well as restrictions imposed by regulators on China's big tech companies," said Mitul Kotecha, Chief EM Asia and Europe strategist at TD Securities Investors and analysts were also concerned due to the surge in COVID-19 cases across the region.