Singapore's OCBC Q1 profit rises 14%, driven by wealth management business

Signage for Oversea-Chinese Banking Corp. (OCBC) is displayed at the entrance to the OCBC Center building in Singapore, on Friday, Aug. 22, 2014.
Nicky Loh | Bloomberg | Getty Images

Singapore's Oversea-Chinese Banking Corp. reported a nearly 14 percent rise in quarterly profit, largely led by sustained growth in its wealth management business and robust results from insurance operations.

The city-state's second-biggest lender said net profit came in at $973 million Singapore dollars ($692 million) in the three months ended March 31 versus S$856 million a year ago. The net interest margin however contracted 13 basis points to 1.62 percent.

"We achieved broad-based loan growth, grew our private banking assets under management (AUM), and reported significantly higher fee income," CEO Samuel Tsien said in a statement on Tuesday.

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