By Justina Lee


Oversea-Chinese Banking Corp.'s third-quarter net profit rose 31% on year, supported by lower allowances and higher interest income.

Net profit for the quarter was 1.60 billion Singapore dollars (US$1.13 billion), OCBC said Friday.

Total income during the quarter rose 23% to S$3.15 billion compared with S$2.56 billion a year earlier.

Net interest income during the quarter gained 44% to S$2.10 billion, exceeding the S$2 billion mark for the first time, thanks to growth in average asset balances and higher net interest margin.

In the first nine months of the year, allowances for loans and other assets was only S$270 million compared with S$555 million a year earlier.

"Looking ahead, the global economic outlook is expected to be increasingly challenging," OCBC Chief Executive Helen Wong said.

"Backed by our strong balance sheet, we are well-positioned to support our customers and capture opportunities as they arise," she added.


Write to Justina Lee at justina.lee@wsj.com


(END) Dow Jones Newswires

11-03-22 2007ET