OCBC Q3 profit up 9% to S$1.97 billion

OCBC’s net profit for the third quarter ended September rose 9 per cent to S$1.97 billion, from S$1.81 billion in the previous corresponding period.

The bank on Friday (Nov 8) said this was underpinned by higher non-interest income and lower allowances.

The earnings beat the S$1.9 billion consensus forecast in a Bloomberg survey of four analysts.

Net interest income for the quarter inched down 1 per cent on the year to S$2.43 billion. This comes as average assets grew 3 per cent, while net interest margin was down nine basis points to 2.18 per cent amid higher funding costs.

Non-net interest income was up 41 per cent on the year to S$1.37 billion, led by increases in net fee income, net trading income, as well as insurance income.

Shares of OCBC closed 3.8 per cent or S$0.58 higher at S$15.88 on Thursday.