OCBC Posts Fourth Quarterly Profit Gain on Bank Stake
This article is for subscribers only.
Oversea-Chinese Banking Corp. reported a fourth quarterly profit increase as it absorbed loans from its Wing Hang Bank Ltd. acquisition and booked a gain from a stake in a Chinese bank.
Net income climbed 62 percent to S$1.23 billion ($962 million) for the three months ended Sept. 30, the bank reported to Singapore’s exchange today. Separately, rival United Overseas Bank Ltd. said its profit for the period rose 19 percent to S$866 million, beating the S$736 million mean of three analysts’ estimates compiled by Bloomberg.