OCBC: may rise after reporting 3Q net profit +27%YoY, +13%QoQ at $570m, beating average estimates of $548.7m. Rise in profit mostly due to increase in non-interest income, which +59%YoY to $621m. Investors likely encouraged by rise in net interest income, +10%YoY at $754m, +5.0%YoY due to higher asset volumes and stable margins with NIM improving sequentially to 1.98% vs 1.96% in 2Q); NPLs at 1.1% vs 1.8% year earlier….
Shares +1.8% at S$9.17 at break, 3-year high at $9.27, hit mid-Oct may cap on upside.
No comments:
Post a Comment