Singapore's OCBC Q3 profit up 12 per cent; flags stress in oil and gas sector

SINGAPORE – Singapore’s Oversea-Chinese Banking Corp reported a 12 per cent increase in quarterly net profit, boosted by growth in its insurance and wealth management businesses, but highlighted continued stress in the oil and gas support services.

Kicking off the results season for Singapore banks on Thursday, the city state’s No. 2 lender said its total non-performing assets rose 15 per cent in the quarter from a year earlier, hit by downgrades at its oil and gas clients.

OCBC’s net profit came in at $1.06 billion in the three months ended September, versus S$943 million a year earlier.