OCBC's Third-Quarter Result Lifted by Great Eastern and Higher Trading Income
Narrow-moat Oversea-Chinese Banking Corporation's, or OCBC's, third-quarter results were largely in line with expectations. Third-quarter net profit of SGD 994 million represents a 6.5% increase on the second quarter and a 4.5% increase against the year-ago period. In our previous results note, we highlighted that our forecasts were tracking slightly ahead on an annualized basis. While the third-quarter result was slightly higher than that for the previous quarter, we believe our fiscal forecast...Oversea-Chinese Banking is engaged in the in the business of banking, life assurance, general insurance, asset management, investment holding and stockbroking. Co.'s segments include: Global Consumer Financial Services, which provides deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides long-term loans, short-term credit, deposit accounts and fee-based services such as cash management and custodian services; Global Treasury, which is engaged in foreign exchange activities, money market operations, fixed income, as well as structured treasury products; and Insurance, which provides both life and general insurance products.
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