OCBC Bank, owner of Singapore's largest life insurer, registered a lower profit in the very first quarter as trading as well as investment income dropped down while the expenses rose.

The profit came down by 7% down to S$628 million in the quarter ended 31st March this year from the S$676 million of the same period last year, as told by the bank to the stock exchange on Thursday.

That was more improved than the S$587.5 million aggregate estimate of 8 analysts made a survey of by Bloomberg.

The OCBC head executive David Conner had led to the boost in profit in 2010 with his purchase of ING Groep's private-banking Asian assets, providing the lender bank with further access to the area's richest persons.

According to what the bank had stated back in the month of February, it is going to expand its hold to Malaysia, Indonesia as well as Greater China due to the low borrowing costs in Singapore crimp lending- income growth domestically.

The lender bank's loans comprised mostly of home mortgages. It rose by 23% to stand at S$111 billion from one year ago.