SINGAPORE Nov 9Oversea-Chinese Banking Corp
, Singapore's second-largest lender, posted an almost
fourfold jump in third-quarter net profit on Friday, boosted by
a one-time gain from the sale of stakes in Fraser and Neave
and its breweries unit.
OCBC earned S$1.85 billion ($1.51 billion) in the three
months ended September, compared to S$513 million a year
OCBC profited from post-tax gains of S$1.13 billion after
the banking group and its insurance unit sold stakes in
conglomerate F&N and Asia Pacific Breweries to
companies linked to a Thai beer baron.
Without the one-time gain, its profit was S$724 million,
above the S$655 million average forecast of five analysts polled
by Reuters, helped by strong contributions from its insurance
unit and trading income.
OCBC's rivals DBS Group Holdings and United
Overseas Bank, beat analysts' expectations with a 12
percent and 36 percent rise in quarterly profit
($1 = 1.2239 Singapore dollars)
(Reporting by Saeed Azhar; Editing by Eric Meijer)