By P.R. Venkat
Oversea-Chinese Banking Corp.'s third-quarter net profit rose 19% on year supported by lower allowances and higher interest income.
Net profit for the quarter was 1.22 billion Singapore dollars (US$904.51 million) and net interest income was vat S$1.46 billion, OCBC said Wednesday.
Total income during the quarter was marginally higher at S$2.56 billion compared with S$2.54 billion a year earlier.
In the first nine months of the year, allowances for loans and other assets was only S$555 million compared with S$1.76 billion year earlier due to the impact of Covid-19.
"We remain positive on the long-term outlook but are watchful of the near-term headwinds from the pandemic," OCBC Chief Executive Helen Wong said.
Write to P.R. Venkat at venkat.pr@wsj.com