OCBC profit slumps 15% as loans decline

Oversea-Chinese Banking Corp, Southeast Asia’s second-largest lender, reported a 15 percent decline in quarterly profit as loans contracted and income from its insurance unit slumped. Net income fell to S$885 million ($654 million) in the three months to June from S$1.05 billion a year earlier, the Singapore-based bank reported on Thursday. Smaller rival United Overseas Bank Ltd separately said its net income rose