By P.R. Venkat
Oversea-Chinese Banking Corp.’s third-quarter profit rose sharply as the Singapore bank benefited from a rising interest-rate environment.
Net profit rose 21% from a year earlier to 1.81 billion Singapore dollars (US$1.33 billion), OCBC said Friday.
Total income expanded 13% to S$3.43 billion, while net interest income rose 17% to S$2.46 billion.
Non-net interest income came in at S$973 million, compared with S$932.0 million a year earlier.
Allowances for loans and other assets during the quarter were S$184 million, up from S$154 million, mainly because of higher provisioning for impaired loans.
The macroeconomic outlook is expected to be clouded by growing uncertainties from inflationary risks, tightening monetary policies and heightened geopolitical risks, the bank said.
Write to P.R. Venkat at [email protected]
By P.R. Venkat
Oversea-Chinese Banking Corp.’s third-quarter profit rose sharply as the Singapore bank benefited from a rising interest-rate environment.
Net profit rose 21% from a year earlier to 1.81 billion Singapore dollars (US$1.33 billion), OCBC said Friday.
Total income expanded 13% to S$3.43 billion, while net interest income rose 17% to S$2.46 billion.
Non-net interest income came in at S$973 million, compared with S$932.0 million a year earlier.
Allowances for loans and other assets during the quarter were S$184 million, up from S$154 million, mainly because of higher provisioning for impaired loans.
The macroeconomic outlook is expected to be clouded by growing uncertainties from inflationary risks, tightening monetary policies and heightened geopolitical risks, the bank said.
Write to P.R. Venkat at [email protected]
By P.R. Venkat
Oversea-Chinese Banking Corp.’s third-quarter profit rose sharply as the Singapore bank benefited from a rising interest-rate environment.
Net profit rose 21% from a year earlier to 1.81 billion Singapore dollars (US$1.33 billion), OCBC said Friday.
Total income expanded 13% to S$3.43 billion, while net interest income rose 17% to S$2.46 billion.
Non-net interest income came in at S$973 million, compared with S$932.0 million a year earlier.
Allowances for loans and other assets during the quarter were S$184 million, up from S$154 million, mainly because of higher provisioning for impaired loans.
The macroeconomic outlook is expected to be clouded by growing uncertainties from inflationary risks, tightening monetary policies and heightened geopolitical risks, the bank said.
Write to P.R. Venkat at [email protected]
Read the full article here