(Bloomberg) -- Oversea-Chinese Banking Corp.’s first-quarter profit rose as revenue from lending gained, while wealth and trading fees surged.

Net income increased 5% to S$1.98 billion ($1.5 billion) from a year earlier in the three months ended March 31, Southeast Asia’s second-largest lender said Friday. That surpassed the S$1.80 billion average estimate of four analysts surveyed by Bloomberg. 

OCBC’s results wrapped up the earnings season for Singapore banks that signals their lending profit can hold up amid a higher-for-longer global rates environment. Both DBS Group Holdings Ltd. and United Overseas Bank Ltd. earlier reported quarterly profit that came in above estimates. 

Chief Executive Officer Helen Wong saw low single-digit loan growth for the year, and net interest margin to be at the higher end of 2.20% to 2.25% range if rate cuts are less than originally expected. 

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