OCBC third-quarter earnings down 27 per cent from a year earlier. But the Singapore bank’s core net profit was up 7 per cent, largely due to a 25 per cent increase in earnings from its banking operations. Its Q3, 2014 profit was boosted by a S$391 million gain in its Bank of Ningbo investment.
SINGAPORE: Oversea-Chinese Banking Corporation Limited (OCBC) reported a net profit after tax of S$902 million for the third quarter of 2015, down 27 per cent from S$1.23 billion a year ago.
The Singapore bank’s core net profit grew 7 per cent year-on-year, due in part to a S$391 million one-off gain realised a year ago. OCBC said this increase was driven by a 25 per cent increase in earnings from its banking operations, offseting a decline in insurance contributions.
Said CEO Samuel Tsien: “This quarter marks the first year since we acquired OCBC Wing Hang Bank. It is evident that the OCBC Wing Hang Bank addition to our Greater China franchise has further strengthened and diversified the Group’s earnings.