The wider banking group was buoyed by a strong increase in non-interest income in the third quarter.
Singapore-based Oversea-Chinese Banking Corporation (OCBC) recorded a net profit of S$1.97 billion, a 9 percent improvement from the same period a year earlier and a 2 percent rise from the second quarter, according to a statement released by the group on Friday.
Non-interest income rose 41 percent in the third quarter, offsetting a 1 percent year-on-year decline in interest income. Fee and commission rose 10 percent although trading income more than doubled (up 135 percent), with the wealth management business helping to buoy performance.
Record Treasury Income
Wealth management fees rose by a quarter, and the net trading result was helped by customer flow treasury income, which reached a record S$306 million.
Overall wealth management income was S$1.29 billion, up 15 percent in the third quarter from a year earlier, which includes contributions from private banking, premier private clients, premier banking, insurance, asset management, and stockbroking.
Outlook
«Looking ahead, we will continue to proactively manage our balance sheet to prepare for a lower interest rate environment. We are closely monitoring potential volatilities arising from uncertain geopolitical conditions. We remain confident in the resilience and long-term prospects of our key markets in Asia,» Group CEO, Helen Wong, indicated in the statement.
