OCBC's Q3 profits boosted by China banks
By Bloomberg | China Daily | Updated: 2014-10-31 08:03
Oversea-Chinese Banking Corp, one of Singapore's major lenders, has 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 from S$759 million a year earlier, the bank said in an exchange statement on Thursday.
Profit excluding gains from the stake in Bank of Ningbo Co was S$841 million, against the average of four analysts' estimates compiled by Bloomberg of S$839 million.
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