OCBC (O39.SG) +2.1% at $9.20 rising vs $9.17 midday after 3Q results beat expectations, with net profit of $570 million, says Dow Jones.

UOB-KayHian, which has Buy rating, $11.52 target, says 3Q “an excellent set of results with growth in both interest and non-interest income and improvement in asset quality.”

Broker adds, net profit above expectations of $549 million, solid loan growth of +6.7% on-quarter driven by Singapore (+8.1% on-quarter), Greater China (+11.6% on-quarter).

Says loans to building, construction particularly strong due to residential developers replenishing landbank, while better margins from overseas operations offset margin pressure in Singapore to help NIM rise 2 bps on-quarter to 1.98%.

Describes asset quality as “solid” with NPL ratio down at 1.1% vs 1.3%. 3-year high at $9.27, hit mid-October, may cap on upside medium-term.