Singapore's OCBC third-quarter profit up 12 percent; flags stress in oil and gas sector
Singapore`s Oversea-Chinese Banking Corp
Kicking off the results season for Singapore banks on Thursday, the city state`s No. 2 lender said its total non-performing assets rose 15 percent in the quarter from a year earlier, led by accounts in the oil and gas support services sector which "continued to be under stress".
OCBC`s net profit came in at S$1.06 billion ($780 million) in the three months ended September, versus S$943 million a year earlier. This was just shy of its second-quarter profit of S$1.08 billion, which was the highest in nearly three years.
"Our strong third-quarter earnings demonstrated the quality and continued momentum in each of our banking, wealth management and insurance franchises," OCBC CEO Samuel Tsien said.
Singapore`s biggest bank, DBS Group Holdings
($1 = 1.3598 Singapore dollars)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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