Singapore bank OCBC's Q3 profit surges to record on rates

The results rounded up a strong showing by Singapore banks after larger peer DBS Group reported a forecast-beating 32 per cent jump in quarterly profit to a record high and UOB Group also posted a record quarterly profit.

But analysts say growth could be derailed by a big increase in US interest rates - already at multi-year highs - as central banks try and tackle runaway inflation. "Net interest income grew on higher net interest margin and loan growth was sustained," Group Chief Executive Helen Wong said in a statement on Friday.

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OCBC profit surges 31% in record quarter for Singapore banksSoutheast Asia's second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) joined its Singapore peers in beating market estimates and pumping out record quarterly profits as banks rake it in on higher interest rates. The city-state's banks, which boast some of the strongest capital buffers in the world, have effectively weathered the Covid-19-induced slump and are now benefiting from rebounding Asian economies....
Source: asiaonecom - 🏆 10. / 59 Read more »