OCBC third-quarter net profit up 3% on-year, above forecasts
Singapore's OCBC bank reported a 3% year-on-year increase in third-quarter net profit, exceeding analyst expectations. Despite the growth, the bank's insurance arm, Great Eastern, faced performance challenges that weighed on overall results.
Why it matters
The report provides insight into the financial health of a major Southeast Asian banking institution and broader regional economic trends.
The bank said Great Eastern saw mark-to-market losses in its bond portfolio in the third quarter, while significant gains from equities made in the second quarter were not repeated.
People walk in front of the Oversea-Chinese Banking Corp (OCBC) headquarters in Singapore, on Nov 7, 2025. (File photo: Reuters/Yantoultra Ngui)
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.
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