OCBC - the first of Singapore's three lender to report its third quarter earnings - attributed the increase to "sustained momentum" across its banking, wealth management and insurance businesses in its key markets of Singapore, Malaysia, Indonesia and Greater China. This was just shy of its second-quarter profit of S$1.08 billion, which was the highest in almost three years.
Net income rose 12 per cent to S$1.06 billion (US$780 million) in the three months ended Sept 30, the Singaporean bank said in a filing on Thursday (Oct 26).
OCBC's nonperforming assets rose 15 per cent to S$2.98 billion in the quarter from a year earlier, because of the downgrade of corporate accounts in the oil and gas support services sector, which remained under stress, the bank said.
Fifagate : 1ère condamnation, 8 mois de prison pour un Guatémaltèque
L'ex-patron du foot au Guatemala s'en tire plutôt bien puisque le procureur avait réclamé une peine minimale de plus de trois ans. Une quarantaine de personnes au total ont été mises en cause dans cette affaire de corruption qui a ébranlé le football mondial .
Wealth management fee income grew 32% YoY, partly contributed by the former wealth and investment management business of Barclays PLC in Singapore and Hong Kong (Barclays WIM) which was acquired in November 2016.
Net interest income grew 12% YoY to $1.38b, thanks to higher asset growth and net interest margin (NIM).
Shares of OCBC have rallied 29 percent this year, the most among the three major Singapore banks.
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