OCBC Q3 Profit Rises 3% to S$2.04B on Banking Gains

OCBC’s third-quarter net profit rose 3% year over year to S$2.04 billion, slightly exceeding analyst expectations, as record banking-operations profit and stronger lending, fees and customer trading activity helped offset weakness in insurance-related investment income. Net interest income increased to S$2.31 billion, while net interest margin narrowed amid lower interest rates; non-interest income fell 10%, largely because of weaker investment performance at Great Eastern. Lower bad-loan provisions supported results, and the bank’s nonperforming-loan ratio improved to 0.8%. Net profit for the first nine months rose 10% to a record S$6.24 billion, with growth across wealth management, wholesale banking and insurance.