The quarterly results from OCBC rounded up a relatively positive third-quarter earnings season by Singapore banks despite global macroeconomic challenges. This beat the mean estimate of S$1.80 billion from four analysts polled by LSEG. OCBC, which counts Singapore, greater China and Malaysia among its key markets, said its July to September net profit rose to S$1.81 billion (US$1.33 billion) from S$1.49 billion a year earlier, underpinned by higher net interest income. 'Looking ahead, macroeconomic conditions are expected to be clouded by growing uncertainties from inflationary risks, tightening monetary policies and heightened geopolitical risks,' Wong said in a statement.

The bank sees 2023 return on equity above 14 per cent but loan growth in the low single-digit range, reflecting market conditions, versus earlier projections of low-to-mid single-digit loan growth. Net interest margin was 2.28 per cent in the first nine months of this year.

That is higher than the 2.2 per cent net interest margin expected by OCBC earlier for 2023. OCBC, which is also Southeast Asia's second-largest lender by assets, projected a net interest margin at 2.25 per cent region for 2023, according to earnings presentation slides by Group Chief Executive Helen Wong. Looking for some fixed deposit options? Check out some of the best deposit rates here.SINGAPORE: Singapore's second largest bank Oversea-Chinese Banking Corp (OCBC) raised its targeted 2023 net interest margin, a key profitability gauge, after posting on Friday (Nov 10) a better-than-expected 21 per cent jump in third-quarter net profit. This promotion is not available for placements via Supplementary Retirement Scheme (SRS) funds. For deposits above S$1 million, please contact OCBC at 18 or visit any OCBC Bank branch. The maximum placement amount for all the above Time Deposit promotions is S$999,999 or equivalent. The minimum placement amount for the above SGD promotion is S$20,000. Currencyīranch (using CPF Ordinary Account Funds) Visit any OCBC Bank branch to make a placement now. You can now place a SGD Time Deposit with your CPF Ordinary Account funds. Rates for 360 customers or online placement Enjoy promotional rates on SGD and USD Time Deposits when you sign up online. Lock in your fortune for extra abundance.

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