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Singapore lender OCBC Q3 profit rises 19%, beats estimates -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A woman enters an Oversea Chinese Banking Corp (OCBC), Premier Banking branch in Singapore on February 11, 2015. REUTERS/Edgar Su

SINGAPORE, (Reuters) –Singapore’s second largest lender Oversea Chinese Banking Corp Ltd (OCBC), reported a 19% increase in its quarterly net profit. This was supported by lower credit loss provisions.

Helen Wong, Group Chief Executive, stated in a statement that the momentum in our insurance, wealth management, banking and financial business had continued to increase. This was reflected in increased loan, net money, fees and insurance sales growth. Helen Wong took control in April.

The net profit reached S$1.22 trillion ($904.5 Million) in July and September, compared to S$1.03billion in the same time last year. This is compared with the S$936m average estimate of four analysts compiled by Refinitiv.

($1 = 1.3488 Singapore dollars)

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