Higher costs related to its acquisition of Wing Hang Bank last year weighed on Oversea-Chinese Banking Corp’s fourth quarter profits, the Singaporean bank said in its full-year earnings report on Wednesday. Net profit rose 11 per cent to S$791 million (HK$4.5 billion) in the last three months of the year, OCBC said. The results fell 11 per cent below Barclays Research’s expectations. Full-year net profit at S$3,842 million was also below expectations. OCBC shares fell slightly in morning trading in Singapore. Lower-than-expected net interest margin and greater credit cost provisioning were the main factors that weighted earnings last year, Barclays noted. The higher coverage in 2014 was also partly a result of the consolidation of OCBC Wing Hang’s cumulative allowances OCBC Provisions for loans and other assets in 2014 hit S$357 million, rising more than 34 per cent from the previous year. OCBC said that its takeover of Wing Hang in Hong Kong in part pushed up those provisions. Coverage of secured and unsecured non-performing loans also jumped. Provisions for unsecured non-performing assets climbed to 539 per cent last year from 310 per cent the year before. “The higher coverage in 2014 was also partly a result of the consolidation of OCBC Wing Hang’s cumulative allowances,” the bank said. OCBC’s acquisition of Wing Hang significantly boosted its China- and Hong Kong-related income. The bank reported that profit before tax from “greater China” doubled to 12 per cent in 2014 from the year before. Loans in the same region jumped to S$56 billion last year from S$27 billion while the non-performing loan ratio fell from 0.4 per cent in 2013 to 0.3 per cent. In late July, OCBC bought a controlling stake of Wing Hang, which was delisted from the Hong Kong stock exchange, and on October 1 rebranded as OCBC Wing Hang Bank in Hong Kong and Macau. It has 120 branches and offices across Hong Kong, Macau, Taiwan and the mainland although its mainland banking licence has yet to be approved and a rebranding there is still pending.