Singapore bank OCBC's Q3 net profit down 10%

Singapore-based banking group Oversea-Chinese Banking Corporation Limited (OCBC) reported a net profit of 513 million Singapore dollars (404 million U.S. dollars) for the third quarter, down 10 percent year on year, the bank said on Thursday. The volatility of the financial markets has had an adverse impact on its trading income. Net interest income grew by 16 percent year on year to 784 million Singapore dollars (617 million U.S. dollars), supported by loan growth of 27 percent. "Given the volatile market conditions, overall, we are quite satisfied with our third quarter results, which clearly reflected the strength of our customer businesses," said David Conner, chief executive officer of the bank. In separate developments on Wednesday, the biggest home-grown bank DBS reported a net profit of 762 million Singapore dollars ( 600 million U.S. dollars) for the third quarter, up 6 percent year on year and beating market expectations. Another local market leader UOB, however, reported a lower than expected net profit 522 million Singapore dollars (411 million U.S. dollars), down 24.2 percent year on year on lower trading and investment income and higher expenses which offset growth in net interest income.