OCBC's Q4 net profit up 8% to $715m
OCBC Bank has reported an 8 per cent year-on-year rise in its fourth-quarter net profit to $715 million, underpinned by strong net interest income and fee income growth as well as record earnings at its Malaysian and Indonesian units.
Core net profit for the quarter from banking operations, excluding contributions from Great Eastern Holdings, was $582 million, up 22 per cent from a year ago.
This included a 37 per cent rise in quarterly net profit in its Malaysia business and a 17 per cent increase in net profit in Indonesia, the Singapore lender said on Friday.
OCBC also hit a quarterly record for net interest income of $1.03 billion, up 12 per cent from a year ago, on the back of robust asset and deposit growth.