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OCBC shares hit record high after Q3 earnings beat expectations; ends 3.4% higher

OCBC shares hit record high after Q3 earnings beat expectations; ends 3.4% higher

By Swedan Margen

Fashion

Shares of OCBC jumped by more than 4 per cent on Friday (Nov 7) morning after the release of its financial results for the third quarter ended September.

At market open, the bank’s shares traded 3.5 per cent higher at S$17.80. It touched an all-time high of S$17.94 shortly after, up by over 4 per cent. It eased to S$17.73 as at 10.46 am before ending the day at S$17.78, up S$0.59 or 3.4 per cent.

The lender’s net profit for Q3 was flat at S$1.98 billion, which beat the S$1.79 billion consensus forecast in a Bloomberg survey of five analysts.

Its net interest income for the quarter declined 9 per cent to S$2.23 billion.

In a Friday statement, OCBC group chief executive Helen Wong, offering a look ahead, said the external environment remains “complex”, shaped by shifting policy dynamics and geopolitical tensions.

Additional reporting by Tan Nai Lun

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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