OCBC Q3 profit rises 31% to S$1.6b; net interest margin sees stronger expansion than peers
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BUOYED by strong net interest income, OCBC’s net profit rose 31 per cent to a record S$1.6 billion for the quarter, beating consensus forecasts.
Net interest income surpassed S$2 billion for the first time, rising 44 per cent to S$2.1 billion for the quarter ended Sep 30. Even as all three local banks saw margin uplifts amid rising interest rates, OCBC’s quarterly net interest margin (NIM) climb of 35 basis points means that it has reaped the strongest margin expansion among its peers for two quarters now.
On a year-on-year basis, NIM rose 54 basis points.
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