{"id":12267,"date":"2023-11-10T17:30:40","date_gmt":"2023-11-10T17:30:40","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/ocbc-bank-reports-21-q3-profit-growth-amid-rising-interest-rates\/"},"modified":"2023-11-10T17:30:41","modified_gmt":"2023-11-10T17:30:41","slug":"ocbc-bank-reports-21-q3-profit-growth-amid-rising-interest-rates","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12267","title":{"rendered":"OCBC Bank reports 21% Q3 profit growth amid rising interest rates"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank’s total income expanded by 13% to hit $3.43 billion, while its net interest income rose by 17% to a record $2.46 billion, driven by a 6% asset growth and a 21-basis point increase in net interest margin.<\/p>\n

Non-net interest income also saw an increment, growing by 4% to $973 million from last year’s figure of $932 million. This growth was largely due to higher fee income and improved investment performance. <\/p>\n

However, allowances for loans and assets escalated to $184 million due to higher impaired loan provisions, reflecting anticipated macroeconomic uncertainties and global risks. OCBC’s CEO, Helen Wong, warned about potential challenges arising from inflationary risks, tightening monetary policies, and heightened geopolitical risks.<\/p>\n

In addition to its core banking operations, OCBC’s wealth management division and credit card fee growth also contributed significantly to the bank’s performance. These factors led to an unprecedented $5.4 billion net profit for the first nine months of the year, marking a 32% YoY increase.<\/p>\n

Earlier in the week, DBS Bank reported a 16% YoY Q3 net profit increase to $2.59 billion. On October 26, UOB revealed a 5% core earnings surge to $1.48 billion.<\/p>\n

Despite these positive figures across Singaporean banks, the rising interest rate environment could potentially lead to a decline in loan demand, posing challenges for lenders.<\/p>\n

Meanwhile, Great Eastern Holdings, OCBC’s insurance arm, reported a 12% profit decrease to $220 million due to increased medical claims.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion…<\/p>\n","protected":false},"author":1,"featured_media":3264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-12267","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nOCBC Bank reports 21% Q3 profit growth amid rising interest rates | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank's total\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=12267\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OCBC Bank reports 21% Q3 profit growth amid rising interest rates | inFundPros\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank's total\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=12267\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-10T17:30:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-10T17:30:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXNPEC0L0PD_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=12267#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=12267\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"OCBC Bank reports 21% Q3 profit growth amid rising interest rates\",\"datePublished\":\"2023-11-10T17:30:40+00:00\",\"dateModified\":\"2023-11-10T17:30:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=12267\"},\"wordCount\":281,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Stocks\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=12267#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=12267\",\"url\":\"https:\/\/infundpros.com\/?p=12267\",\"name\":\"OCBC Bank reports 21% Q3 profit growth amid rising interest rates | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-10T17:30:40+00:00\",\"dateModified\":\"2023-11-10T17:30:41+00:00\",\"description\":\"\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank's total\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=12267#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=12267\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=12267#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"OCBC Bank reports 21% Q3 profit growth amid rising interest rates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"OCBC Bank reports 21% Q3 profit growth amid rising interest rates | inFundPros","description":"\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank's total","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=12267","og_locale":"en_US","og_type":"article","og_title":"OCBC Bank reports 21% Q3 profit growth amid rising interest rates | inFundPros","og_description":"\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank's total","og_url":"https:\/\/infundpros.com\/?p=12267","og_site_name":"inFundPros","article_published_time":"2023-11-10T17:30:40+00:00","article_modified_time":"2023-11-10T17:30:41+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXNPEC0L0PD_L.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=12267#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=12267"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"OCBC Bank reports 21% Q3 profit growth amid rising interest rates","datePublished":"2023-11-10T17:30:40+00:00","dateModified":"2023-11-10T17:30:41+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=12267"},"wordCount":281,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Stocks"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=12267#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=12267","url":"https:\/\/infundpros.com\/?p=12267","name":"OCBC Bank reports 21% Q3 profit growth amid rising interest rates | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-10T17:30:40+00:00","dateModified":"2023-11-10T17:30:41+00:00","description":"\u00a9 Reuters. In the face of rising interest rates, OCBC Bank reported a 21% year-on-year (YoY) net profit increase to $1.81 billion for Q3. The bank's total","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=12267#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=12267"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=12267#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"OCBC Bank reports 21% Q3 profit growth amid rising interest rates"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/12267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12267"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/12267\/revisions"}],"predecessor-version":[{"id":12268,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/12267\/revisions\/12268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/3264"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}