OCBC Bank's Q3 net profit comes in at $759 million; better than analysts' expectations

OCBC Bank turned in a net profit of $759 million in the third quarter compared to a year ago, it said on Friday. -- ST FILE PHOTO: DESMOND LUI
OCBC Bank turned in a net profit of $759 million in the third quarter compared to a year ago, it said on Friday. -- ST FILE PHOTO: DESMOND LUI

OCBC Bank turned in a net profit of $759 million in the third quarter compared to a year ago, it said on Friday.

This was a 59 per cent drop compared with a year ago, mainly due to the non-core gains realised previously from selling the group's stakes in Fraser & Neave and Asia Pacific Breweries.

However, the result still beat analyst estimates of $661 million.

Core net profit however saw a 5 per cent rise.

Net interest income for the three months to Sept 30 increased 4 per cent to $978 million compared with a year ago.

Customer-related businesses drove growth in net interest income, fees and commissions, as well as higher life assurance profit.

Earnings per share was an annualised 85.2 cents. Net asset value per share, before valuation surplus, was $6.72 and $8.10 after valuation surplus as at Sept 30.