Business News
Singapore's OCBC bank posts 27-per-cent rise in quarterly profit
Nov 1, 2010, 7:10 GMT
Singapore - Oversea-Chinese Banking Corporation Ltd (OCBC), Singapore's second-biggest lender, on Monday said its net profit for the third quarter grew 27 per cent year-on-year on falling bad debt charges and higher income.
For the three months through September, net profit was 570 million Singapore dollars (442 million US dollars), up from 450 million Singapore dollars during the third quarter of 2009, OCBC said.
'Earnings growth was underpinned by higher net interest income, strong fee and commission income, and lower credit losses,' it said.
Last week, its smaller rival United Overseas Bank Ltd posted a 37.5-per-cent year-on-year rise in third quarter net profit, reaching 688 million Singapore dollars.
Singapore-based DBS Group Holding Ltd, South-East Asia's biggest bank, is set to release its results on Thursday.
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