OCBC shares continue rally to hit all-time high of S$18.15 after encouraging Q3 results
[SINGAPORE] Shares of OCBC hit a new all-time high on Monday (Nov 10), continuing a rally from last week.
The counter rose 2.1 per cent to reach a new intraday high of S$18.15 as at 4.10 pm, continuing its rally last week when it hit a previous high of S$17.94.
On Friday, OCBC shares closed 3.4 per cent higher at S$17.48.
Last week, the lender posted a flat net profit for its third quarter at S$1.98 billion, which beat the S$1.79 billion consensus forecast in a Bloomberg survey of five analysts.
Its net interest income for the quarter declined 9 per cent to S$2.23 billion.
Total income slipped less than 0.2 per cent, to nearly S$3.8 billion, due to robust non-interest income. With little sign of deteriorating asset quality, OCBC’s net profit for the quarter edged up 0.2 per cent to nearly S$2 billion. This compares with UOB’s 11.4 per cent slide in total income to S$3.4 billion, with a S$1 billion jump in allowances slashing its net earnings to S$443 million.
Monday also marked the first day for banking veteran Melvyn Low as OCBC’s new group chief strategy and transformation officer. He will be in charge of driving the group’s long-term strategic road map, with a “focus on future-proofing the group’s businesses and identifying new growth engines”.
Low will also continue to oversee the global transaction banking division, which he has led since 2018. He is also co-chair of the steering committee for the governance of PayNow cross-border linkages and is as on the boards of Nets and the Singapore Trade Data Exchange.
