Core net profit, which excludes gains from the divestment of non-core assets, stood at S$790m ($631m), with an increase of 33%, from S$596m ($476m) year-on-year quarter.
The firm said that the robust resulted is widely attributed by loan growth, improved fee income and a rebound in insurance income.
OCBC CEO Samuel Tsien added that contribution from its insurance business was also higher as a result of improved investment performance.
For the three months ended on 31 March 2012, its net interest income surged by 21% to S$951m ($760m) compared to a net interest income of S$784m ($626m), mainly due to low interest rate and strong growth in lower-risk loans.
Non-interest income, excluding the gain from property divestment of S$56m (S$42m post tax), rose by 28% to S$790m ($631m) form s$618m ($494m) during the same quarter previous fiscal.
The Group’s revenue from numerous wealth management activities, which includes revenue from insurance, private banking, asset management, stock broking and sale of wealth management products, jumped by 39% to S$527m ($421m), versus S$378m ($302m) during the first three months of 2011.
Operating expenses grew by 8% for the latest quarter period, which stood S$625m ($499m) against operating expenses of S$581m ($464m) during the year ago quarter, backed by higher staff costs, which rose 9% to S$382m ($305m).
OCBC Bank and its subsidiaries provides a wide spectrum of financial and wealth management services, including consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stock broking services.
