OCBC Q3 profit falls 27% in absence of one-off gain
Excluding year-ago one-time gain of S$391m, latest core earnings up 7% at S$902m
Singapore
OVERSEA-Chinese Banking Corporation (OCBC Bank) beat analyst expectations with a third-quarter net profit of S$902 million but the earnings were 27 per cent down from the year-ago period's S$1.23 billion, which included a one-off gain.
Stripping off the S$391 million one-off gain in Q3 2014 which arose from the group's increased stake in Bank of Ningbo, the Q3 core profit of S$902 million was 7 per cent higher than the S$841 million a year ago. It also beat an average forecast of S$883 million from six analysts polled by Reuters.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
KFC parent Yum reports surprise drop in global same-store sales on weak demand
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses
DuPont beats profit estimates, raises full-year forecasts
Binance founder Zhao Changpeng gets four months in prison
Apple set for big sales decline as investors await AI in iPhones