Business News

Singapore's OCBC Bank posts 12-per-cent rise in net profit

Oct 28, 2009, 9:48 GMT

Singapore - Singapore's Oversea-Chinese Banking Corporation (OCBC) on Wednesday said its net profit for the third quarter rose 12 per cent compared to last year, driven by strong gains as well as lower bad-debt charges. Net profit in the three months through September reached 450 million Singapore dollars (321 million US dollars), up from 402 million Singapore dollars in the same period a year ago, OCBC said. The results included a loss of 213 million Singapore dollars linked to OCBC's insurance arm Great Eastern, arising from a redemption offer for its complex derivatives. OCBC's net interest income for the third quarter climbed by 1 per cent to 689 million Singapore dollars year-on-year, the bank said. 'Our strong liquidity and capital base have served us well amidst global uncertainties,' OCBC's chief executive officer David Conner said in a statement. 'We are taking advantage of the economic downturn to further strengthen our competitive position and add to our future growth opportunities,' he added. Two weeks ago, OCBC announced the purchase of Dutch bank ING's Asian private banking business for 1.46 billion US dollars, turning Singapore's third-largest bank in one of the major players in wealth management in the region.

Business News

Singapore's OCBC Bank posts 12-per-cent rise in net profit

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