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OCBC's Net Profit Increases, Wealth Results Shine

Editorial Staff

11 November 2024

, the private bank, last Friday reported net profit of S$1.97 billion ($1.48 billion) for the third quarter of 2024, rising 9 per cent on a year earlier.

Growth was driven by “robust noninterest income growth and lower allowances. Increased wealth management activities lifted fee and trading income, with insurance income higher as well,” it said in a statement. 

Wealth management fees climbed 25 per cent in the quarter from a year ago, reflecting increased customer activities across all wealth product channels.