Banking stocks in one of the world’s top financial hubs rallied on Thursday after its second-largest lender reported quarterly earnings that handily beat estimates.
Singapore’s Oversea-Chinese Banking Corp (OCBC), kicking off results season for the city state’s banks, said in a statement its second-quarter net profit jumped 22 percent year-on-year to 1.08 billion Singapore dollars ($796 million) — the highest in almost three years.