During the three-month period, OCBC’s NII rose by 17% y-o-y and 3% q-o-q to $2.46 billion due to asset growth and an uplift in net interest margin (NIM), which stood at 2.27%, 21 basis points (bps) up y-o-y.
Oversea-Chinese Banking Corporation (OCBC) has reported a net profit of $1.81 billion for the 3QFY2023 ended Sept 30, 21% higher y-o-y and 6% up q-o-q. This brings the bank’s net profit for the 9MFY2023 to a record $5.4 billion, 32% higher y-o-y.
The group’s 3QY2023 net profit was attributed to the growth in total income, which grew by 13% y-o-y to $3.43 billion. The growth was attributed to the record net interest income (NII) and growth in non-interest income.
