Singapore bank OCBC's Q3 profit jumps 31% to record high on rates

SINGAPORE (Reuters) - Southeast Asia's second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) reported a 31% rise in quarterly profit to a record high, powered by a surge in net interest income as banks benefit from higher interest rates.

OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data.

"Net interest income grew on higher net interest margin and loan growth was sustained," Group Chief Executive Helen Wong said in a statement on Friday.

($1 = 1.4214 Singapore dollars)

(Reporting by Anshuman Daga; Editing by Tom Hogue and Christopher Cushing)