OCBC shares rise after Q3 profit of $1.98b beats expectations

This comes on the back of higher non-interest income and lower allowances

- Sheila Chiang Business Correspondent

non-interest income for the three months to Sept 30 rose 15 per cent year on year to $1.57 billion from broad-based fee, trading and insurance income growth. ST FILE PHOTO

(ST FILE PHOTO)

OCBC Bank on Nov 7 reported stronger-than-expected third-quarter profit on the back of higher non-interest income and lower allowances.

Net profit for the three months to Sept 30 was $1.98 billion, little changed from $1.97 billion a year earlier, but beating a $1.79 billion forecast in a Bloomberg poll.

Its shares rose as much as 4.4 per cent to a high of $17.94 on Nov 7, before paring gains to close 3.4 per cent higher at $17.78.

At her final OCBC results briefing on Nov 7 before retiring at the end of 2025, chief executive officer Helen Wong said: "Global trade and most major economies have shown signs of resilience. This year in particular was supported by some front-loading for trade and also technology upcycling, particularly for Asia.