OCBC profit surges 31% in record quarter for Singapore banks

The OCBC Bank logo is seen outside its headquarters after the bank reported its first-half results in Singapore on Aug 3, 2022.Southeast Asia's second-largest lender Oversea-Chinese Banking Corp Ltd joined its Singapore peers in beating market estimates and pumping out record quarterly profits as banks rake it in on higher interest rates.

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. OCBC's net profit increased to $1.6 billion in July to September versus the $1.55 billion average estimate from four analysts, according to Refinitiv data.

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