SINGAPORE (Reuters) -Singapore’s second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) reported a better-than-expected 19% rise in quarterly net profit on Wednesday, supported by lower provisions for credit losses.
“This quarter, the momentum across our banking, wealth management and insurance business has continued to grow, as reflected by loan, net new money, fee and insurance sales growth,” Group Chief Executive Helen Wong, who took charge in April, said in a statement.
Net profit rose to S$1.22 billion ($904.5 million) in July-September from S$1.03 billion in the same period a year earlier and versus the S$936 million average of four analyst estimates compiled by Refinitiv.
($1 = 1.3488 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman and Christopher Cushing)
