OCBC shares continue rally, and close at new record of S$18.19 after encouraging Q3 results

[SINGAPORE] Shares of OCBC closed at a new all-time high on Monday (Nov 10), continuing a rally from last week.

The counter rose 2.1 per cent to S$18.15 at 4.10 pm, beating its previous peak of S$17.94 on Nov 7. But its rally was not done yet: it climbed further to end the day at S$18.19, up by 2.3 per cent, with around 12.3 million shares transacted.

The lender on Nov 7 announced a net profit of S$1.98 billion for its third quarter, nearly flat year on year but beating the S$1.79 billion consensus forecast in a Bloomberg survey of five analysts.

Its shares closed 3.4 per cent higher at S$17.48 that day.

OCBC’s net interest income for Q3 declined 9 per cent year on year to S$2.23 billion.

Total income slipped less than 0.2 per cent, to nearly S$3.8 billion, due to robust non-interest income.

Meanwhile, UOB posted a slide of 11.4 per cent in total income to S$3.4 billion with a S$885 million jump in allowances, which slashed its net earnings to S$443 million.

Monday was also banking veteran Melvyn Low’s first day as OCBC’s new group chief strategy and transformation officer.

He will be in charge of driving the group’s long-term strategic road map, with a “focus on future-proofing the group’s businesses and identifying new growth engines”.

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OCBC shares hit record high after Q3 earnings beat expectations; ends 3.4% higher

OCBC Q3 profit flat at S$1.98 billion, beats expectations

OCBC appoints Melvyn Low as group chief strategy and transformation officer

He will continue to oversee the global transaction banking division, which he has led since 2018. He is also co-chair of the steering committee for the governance of PayNow cross-border linkages and sits on the boards of Nets and the Singapore Trade Data Exchange.