OCBC's Quarterly Core Profit Rises 7% as Interest Income Gains
- Net interest income advances 6%, Singaporean bank says
- Bad loans rise as CEO warns of challenging environment
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Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, reported a 7 percent increase in core net profit for the third quarter as interest income offset a decline at its insurance business.
Excluding one-time items, earnings for the three months ended Sept. 30 rose to S$902 million ($646 million) from S$841 million a year earlier, the Singaporean bank said in an exchange statement Wednesday. The average of six analysts’ estimates compiled by Bloomberg was S$885 million. Net interest income gained 6 percent.