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Singapore’s OCBC Bank’s quarterly profit jumps 31 percent
The main reason for this is rising interest rates.
OCBC Bank’s net profit for the third quarter was 1.6 billion won.
It is more than the market expectations.
Net interest income rose 44 percent year-on-year.
It crossed the 2 billion mark for the first time.
Singaporean banks have effectively weathered the challenges posed by the contagion environment, experts said.
They noted that they are now benefiting from recovering Asian economies.