OCBC Q3 net profit up 62%, beats estimates

[SINGAPORE] Oversea-Chinese Banking Corp , Singapore's second-biggest lender, posted a 62 per cent rise in quarterly profit, beating expectations, thanks to strong loan growth, higher margins and a one-off gain from a China-related acquisition.

OCBC earned USS$1.23 billion in the three months ending in September, compared with S$759 million a year earlier.

The third quarter result included a one-off gain of S$391 million from an increased stake in Chinese lender Bank of Ningbo , which became a 20 per cent-owned subsidiary.

Excluding the one-off gain, the net profit of S$841 million was slightly below the S$845 million average forecast of five analysts polled by Reuters.

REUTERS