SINGAPORE: Singapore's Oversea-Chinese Banking Corp reported a 12 per cent rise in quarterly profit to a record on Thursday (Nov 1), supported by robust growth in net interest income.
Growing worries about the impact of an intensifying trade row between China and the United States on Singapore's export-reliant economy and curbs on Singapore's property market have muddied the outlook for banks after they reported record profits last year.
Advertisement"As we remain alert to developments in the global economy and financial markets, our strong liquidity and capital base will position us well for prudent and sustainable growth," OCBC CEO Samuel Tsien said in a statement.
Singapore's second-biggest listed lender said net profit came in at S$1.25 billion (US$902.3 million) in the three months ended Sep 30 versus S$1.11 billion a year ago.
This was slightly higher than the average estimate of S$1.15 billion from three analysts, according to data from Refinitiv.
The bank's net interest margin (NIM) rose 6 basis points to 1.72 per cent, helping push net interest income to S$1.51 billion in the quarter, up 9 per cent from a year ago. The increase in NIM was driven by improved margins in Singapore, Malaysia and Greater China, and a higher average loans-to-deposits ratio.
AdvertisementAdvertisementWealth management income rose 6 per cent.
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