You are here

OCBC Q3 net profit up 62%, beats estimates

32601291.jpg
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.

[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

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes