OCBC shares soar 3.8% after posting Q3 earnings that beat expectations

[SINGAPORE] Shares of OCBC jumped 3.8 per cent on Friday (Nov 7) morning after the release of its financial results for the third quarter ended September.

At market open, the bank’s shares traded 3.5 per cent higher at S$17.80. It reached S$17.85 soon after, up 3.8 per cent, before easing to S$17.73 by 9.05 am, still trading 3.1 per cent or S$0.54 higher.

The lender’s net profit for Q3 was flat at S$1.98 billion, which beat the S$1.79 billion consensus forecast in a Bloomberg survey of five analysts.

Its net interest income for the quarter declined 9 per cent to S$2.23 billion.

In a Friday statement, OCBC group chief executive Helen Wong noted that looking ahead, the external environment remains “complex”, shaped by shifting policy dynamics and geopolitical tensions.

Additional reporting by Tan Nai Lun