OCBC Q3 profit dips 6% to S$1.17b on one-time charge
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Vivienne Tay
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OCBC Bank's net profit slipped 6 per cent to S$1.17 billion for its third quarter ended Sept 30, from S$1.25 billion a year ago after booking a one-off charge at its Indonesian banking unit.
The one-time charge of S$91 million came from a refinement in the group's expected credit loss modelling approach for Bank OCBC NISP.
Excluding the one-time charge, the group's core net profit was S$1.26 billion, slightly higher than $1.25 billion a year earlier, Singapore's second-largest lender said in a regulatory filing on Tuesday.
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