Singapore`s Oversea-Chinese Banking Corp reported a 12 percent increase in quarterly net profit, boosted by growth in its insurance and wealth management businesses, but highlighted continued stress in the oil and gas support services sector.

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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 , and smaller peer United Overseas Bank report results next month.

($1 = 1.3598 Singapore dollars)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)