OCBC Bank announced that Colm Martin McCarthy resigned as director and member of the audit, executive and risk management committees with effect from May 15, 2013. Mr. McCarthy, 55, has accepted an executive position with Wells Fargo.

Oversea-Chinese Banking Corporation Limited announced that Colm Martin McCarthy is resigning as Independent Director, Member of Audit, Executive and Risk Management Committees, as he has accepted an executive position with Wells Fargo Bank.

Oversea-Chinese Banking Corporation Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net interest income was SGD 912 million compared with SGD 951 million a year ago. Operating profit before allowances and amortization was SGD 916 million compared with SGD 1,172 million a year ago. Profit before income tax was SGD 894 million compared with SGD 1,067 million a year ago. Profit attributable to equity holders of the bank was SGD 696 million or 20.2 cents per basic and diluted share compared with SGD 832 million or 24.2 cents per basic and diluted share a year ago. Net cash used in operating activities was SGD 7,446 million compared with SGD 4,462 million a year ago. Purchases of property, plant and equipment and investment property was SGD 78 million compared with SGD 63 million a year ago. Annualized return on equity, based on core earnings, was 11.7%, compared to 14.7% in the first quarter of 2012. Return on assets was 1.12% compared with 1.38% a year ago. As on March 31, 2013, the company's net asset value per share was SGD 6.90. Core net profit was SGD 696 million compared with SGD 790 million a year ago. The bank's Board of Directors has declared payment of semi-annual tax exempt dividends on its non-cumulative non-convertible preference shares as follows: Class B Preference Shares at 5.1% (2012:5.1%) per annum; Class G Preference Shares at 4.2% (2012: 4.2%) per annum and Class M Preference Shares at 4.0% (2012: 4.0%) per annum. These semi-annual dividends, computed for the period December 20, 2012 to June 19, 2013 (both dates inclusive) will be paid on June 20, 2013. Total amounts of dividend payable for the Class B, Class G and Class M Preference Shares are SGD 25.4 million, SGD 8.3 million and SGD 19.9 million respectively.