OCBC's Q3 profits boosted by China banks

OCBC's non-interest income excluding one-time gains rose 3 percent to S$801 million in the third quarter as net trading income and fees and commissions from wealth management, loans and trade increased.

Great Eastern Holdings Ltd, the bank's insurance unit, reported a 31 percent drop in net income to S$194.6 million earlier in the week.

OCBC increased its stake in Bank of Ningbo to 20 percent in the third quarter, allowing it to record the Chinese lender as a unit on its balance sheet.

The Singaporean bank's initial 15.3 percent stake in Bank of Ningbo, which was considered an investment, was deemed sold for S$391 million and was booked as a one-time gain in its Thursday results.

Provisions OCBC set aside for sour debt in the third quarter increased to S$97 million from S$94 million a year earlier. Its non-performing loan ratio improved to 0.7 percent from 0.8 percent a year earlier.

Singapore's OCBC Bank to raise stake in Bank of Ningbo	Singapore's belief in Tianjin