By Ronnie Harui
Oversea-Chinese Banking Corp.'s fourth-quarter net profit rose 34% on year, mainly driven by sustained earnings growth across its banking, wealth management and insurance businesses, it said Friday.
Net profit in the October-to-December quarter was 1.24 billion Singapore dollars (US$885.2 million), compared with S$926 million a year earlier, it said in a Singapore Exchange filing. The lender's net profit was expected at S$1.13 billion, according to a consensus estimate provided by FactSet.
OCBC's total income grew to S$2.92 billion in the fourth quarter from S$2.35 billion a year ago. Its net-interest income rose to S$1.61 billion from S$1.52 billion, while its non-interest income increased to S$1.31 billion from S$830 million.
The bank's net interest margin rose to 1.77% in fiscal 2019 from 1.70% in fiscal 2018.
OCBC's non-performing loans ratio edged lower to 1.45% at the end of 2019 from 1.49% a year earlier.
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