Oversea-Chinese Banking Corp. today reported a 27% fall in 3Q earnings to $902 from $1.23 billion a year ago.
The average of six analysts’ estimates compiled by Bloomberg was $885 million.
Excluding a $391 million one-off gain realised a year ago that arose from the group’s increased stake in Bank of Ningbo, group core net profit grew 7%.
OCBC says this was driven by a 25% increase in earnings from the group’s banking operations, which more than offset a decline in insurance contributions.
Net interest income for the third quarter rose 6% to $1.32 billion, from S$1.25 billion the previous year, driven by strong asset growth.
Customer loans grew 4% to $213 billion, from $205 billion a year ago across most industry segments and geographies.
Net interest margin of 1.66% was 2 basis points lower than 1.68% in 3Q14, as improved customer loan spreads in Singapore were more than offset by a lower loan-to-deposit ratio and a decline in money market gapping income.
Non-interest income, before one-off gains, came in at $775 million, 3% lower than $801 million a year ago due to a decline in insurance income.
Fee and commission income was $408 million for the quarter, with wealth management, loan and trade fees being the largest contributors this quarter.
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The average of six analysts’ estimates compiled by Bloomberg was $885 million.
Excluding a $391 million one-off gain realised a year ago that arose from the group’s increased stake in Bank of Ningbo, group core net profit grew 7%.
OCBC says this was driven by a 25% increase in earnings from the group’s banking operations, which more than offset a decline in insurance contributions.
Net interest income for the third quarter rose 6% to $1.32 billion, from S$1.25 billion the previous year, driven by strong asset growth.
Customer loans grew 4% to $213 billion, from $205 billion a year ago across most industry segments and geographies.
Net interest margin of 1.66% was 2 basis points lower than 1.68% in 3Q14, as improved customer loan spreads in Singapore were more than offset by a lower loan-to-deposit ratio and a decline in money market gapping income.
Non-interest income, before one-off gains, came in at $775 million, 3% lower than $801 million a year ago due to a decline in insurance income.
Fee and commission income was $408 million for the quarter, with wealth management, loan and trade fees being the largest contributors this quarter.
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