OCBC Posts Jump In Q3 Net Profit
Oversea-Chinese Banking (OTC: OVCHF) posted a strong rise in its third-quarter net profit.
OCBC's quarterly net profit surged to 1.85 billion Singapore dollars (US$1.51 billion), versus S$513 million, in the year-ago period. Excluding one-time items, its core net profit came in at S$724 million, beating analysts' estimates of S$647 million.
Its non-interest income climbed 73% to S$754 million, while net interest income gained 8% to S$944 million.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.