(15 November 2006 – Singapore) OCBC Bank has posted a third quarter net profit of S$379 million, up seven percent on the same period last year.The result was also 21 percent higher than the second quarter result.
OCBC, which is the smallest of Singapore’s three banks, said operating expenses increased by 12 percent to S$333 million due primarily to higher staff costs and marketing expenses.
Year on year growth in net profit was driven by revenue growth of 13 percent although this was offset by a 12 percent increase in operating expenses and lower loan recoveries.
The bank said it had been hit during the quarter by a loss of S$13 million from trading securities and derivatives, while foreign exchange trading profits slumped 40 percent.