OCBC net profit holds steady at $1.98b in Q3

Quarter-on-quarter, net profit was up 9% from $1.82b.

OCBC's net profit was unchanged year on year at $1.98b in the third quarter, sustained by a rise in non-interest income and a drop in allowances.

Quarter on quarter, net profit was up 9% from $1.82b.

Net interest income registered $2.23b, a 9% year-on-year decrease attributed to a 34-basis-point contraction in the net interest margin to 1.84%, despite average asset growth of 9%.

Non-interest income grew 15% YoY to $1.57b. Meanwhile, operating expenses increased 4% from the previous year, totalling $1.52b, with the Cost-to-Income Ratio at 40%.

Total allowances fell 18% YoY to $139m whilst the share of results of associates was $279m, an 11% increase from the prior year.