Business News
Singapore's OCBC bank posts 10-per-cent drop in quarterly profit
Nov 3, 2011, 1:48 GMT
Singapore - Singapore's second-biggest lender, Oversea-Chinese Banking Corporation Ltd (OCBC), on Thursday posted a 10-per-cent drop in net profit for the third quarter on lower trading income and declining insurance profits.
Net profit for the three months through September reached 513 million Singapore dollars (400 million US dollars), down from 570 million Singapore dollars a year ago, OCBC said.
Quarterly net interest income, the difference between the interest the bank collects from debtors and the interest it pays out on deposits, grew 16 per cent year-on-year to 874 million Singapore dollars, it said.
However, non-interest income in the third quarter fell 30 per cent year-on-year to 436 million Singapore dollars as volatile financial markets affected the bank's trading performance and insurance profits, OCBC said.
The results came after local rivals DBS Group Holdings and United Overseas Bank Corporation Ltd on Wednesday reported mixed figures for the third quarter.
While DBS, South-East Asia's biggest lender by assets, posted a 6-per-cent rise in quarterly net profit to 762 million Singapore dollars, UOB reported a 24-per-cent drop in net profit to 522 million Singapore dollars.
Read more about OCBC
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