OCBC's Q3 profit jumps 12% to record S$1.25b as repricing kicks in

Singapore

OCBC Bank has posted a 12 per cent jump in net profit to a record S$1.25 billion as it sold more loans at higher margins.

The bank will continue to enjoy higher margins in the current quarter, and into next year, said Samuel Tsien, OCBC chief executive, on Thursday at its Q3 results briefing. Loans too will expand next year, at mid-to high single digit, moderating from expected 10 per cent growth for 2018, he said.

The earnings beat the S$1.13 billion consensus forecast in a Bloomberg survey of seven analysts.

Trade tension has not affected the bank's results so far, although it may have some impact next year if it turns into a trade war on a broader basis, Mr Tsien said.

Reaping the benefits of higher interest rates, Singapore's second largest bank said that net profit from banking operations rose a faster 23 per cent to S…