SINGAPORE, Oct 26 (Reuters) - Singapore’s Oversea-Chinese Banking Corp reported a 12 percent increase in quarterly net profit, boosted by growth in its insurance and wealth management businesses, but highlighted continued stress in the oil and gas support services.
Kicking off the results season for Singapore banks on Thursday, the city state’s No. 2 lender said its total non-performing assets rose 15 percent in the quarter from a year earlier, hit by downgrades at its oil and gas clients.
OCBC’s net profit came in at S$1.06 billion ($780 million) in the three months ended September, versus S$943 million a year earlier. ($1 = 1.3598 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephebn Coates)