Singapore's second-largest lender Oversea-Chinese Banking Corp on Thursday reported a better-than-expected quarterly profit.
Here are five highlights of the results:
- Net profit rose 12 percent to S$1.06 billion in the three months ended September 30, helped by higher revenue from its lending, wealth management and life-insurance businesses.
- Net interest income rose 12 percent to S$1.38 billion, as lending grew and its net interest margin rose by four basis points in the third quarter.
- OCBC's nonperforming assets rose 15 percent to S$2.98 billion in the quarter from a year earlier.
- Shares of OCBC have rallied 29 percent this year, the most among the three major Singapore banks.
- OCBC is the first of Singapore's three large banks to report third-quarter results. United Overseas Bank is scheduled to report quarterly earnings on November 3, and DBS Group Holdings will post its results on November 6.
