SINGAPORE: Oversea-Chinese Banking Corp (OCBC) on Friday (Nov 6) raised its 2026 outlook after posting a 3 per cent annual rise in third-quarter net profit that beat estimates, even as weakness in its insurance arm weighed on its bottom line.
OCBC, Singapore’s second-largest bank, said July-September net profit rose to S$2.04 billion (US$1.6 billion) from S$1.98 billion a year earlier. This was slightly higher than the mean estimate of S$2.01 billion from four analysts, according to LSEG data.
Net interest income rose by 4 per cent from a year earlier, helped by growth in customer loans and high-quality non-commercial assets. However, the performance was dragged down by an 18-basis-point fall in net interest margin, a key profitability gauge.
Trading and insurance income declined 10 per cent and 37 per cent year-on-year, respectively, largely due to the weaker investment performance of its insurance arm Great Eastern Holdings.
OCBC’s customer flow trading income jumped by 29 per cent from a year earlier, although non-customer flow trading and investment income swung to a S$15 million loss in the third quarter.
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