OCBC net profit up 31% YoY to S$1.6b in Q3 2022

The company’s net interest income grew by 44% YoY.

Oversea-Chinese Banking Corporation (OCBC) posted a 31% year-on-year increase in net profit to S$1.6b in 2022 as it saw a rise in net interest income on the back of improvement in net interest margin and continued loan growth.

In a statement, OCBC said its net interest income surged 44% YoY to around $2.1b, whilst its non-interest income slightly dipped by 4% to around $1.1b.

The company’s total income rose 23% to around $3.2b.

READ MORE: OCBC net profit rose 7% to S$2.83b in H1

“We are pleased to have delivered a strong set of quarterly results. Net interest income grew on higher net interest margin and loan growth was sustained. While subdued customer investment activity impacted wealth fees, we continued to attract net new money inflows into our wealth management franchise,” said Group CEO Helen Wong.

Wong added that the company’s portfolio remained resilient and their investments boost franchise growth and productivity, and carry out operational efficiencies for positive results.

“Looking ahead, the global economic outlook is expected to be increasingly challenging. Backed by our strong balance sheet, we are well-positioned to support our customers and capture opportunities as they arise,” she said.

Compared to the previous quarter, the net profit grew by 8%. For the first nine months, the net profit increased by 14% YoY to S$4.44b.