OCBC third-quarter net profit up 3% on-year, above forecasts

OCBC’s third-quarter net profit rose 3 per cent from a year earlier to S$2.04 billion, slightly exceeding analysts’ forecasts. The results came despite weaker performance at its insurance arm, Great Eastern, and the bank raised its loan growth outlook for 2026.

Net interest income increased 4 per cent, supported by customer lending, but net interest margin fell by 18 basis points. Trading income declined 10 per cent and insurance income fell 37 per cent; Great Eastern recorded bond valuation losses and did not repeat the previous quarter’s equity gains. OCBC now expects low double-digit loan growth, total income growth of at least mid-single digits and credit costs of 15 to 20 basis points.