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OCBC posts 6% drop in 3Q earnings to $1.17 bil as swelling provisions offset higher lending, wealth management income

Stanislaus Jude Chan
Stanislaus Jude Chan11/5/2019 09:58 AM GMT+08  • 3 min read
OCBC posts 6% drop in 3Q earnings to $1.17 bil as swelling provisions offset higher lending, wealth management income
SINGAPORE (Nov 5): Oversea-Chinese Banking Corporation (OCBC Bank) has reported earnings of $1.17 billion for the 3Q19 ended September, some 6% lower than the $$1.25 billion recorded a year ago.
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SINGAPORE (Nov 5): Oversea-Chinese Banking Corporation (OCBC Bank) has reported earnings of $1.17 billion for the 3Q19 ended September, some 6% lower than the $$1.25 billion recorded a year ago.

The 3Q19 results were broadly in line with the $1.2 billion average of analysts’ estimates compiled by Bloomberg.

The decline was largely attributable to a one-time charge of $91 million due to a refinement in the group’s Expected Credit Loss (ECL) modelling approach for its Indonesian banking subsidiary, Bank OCBC NISP.

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