China’s offshore banking 2Q internet S $1.71 billion vs. Internet S$1.28 billion > O39.SG

By BR Venkat

Oversea-Chinese language Banking Corp.’s second-quarter internet revenue rose 34% year-over-year, helped by greater curiosity revenue.

OCBC stated on Friday that third-quarter internet revenue was 1.71 billion Singapore {dollars} ($1.28 billion).

Whole revenue for the quarter elevated by 30% to S$3.46 billion, with internet curiosity revenue through the quarter growing by 40% to S$2.39 billion.

Non-net curiosity revenue was S$1.07 billion in comparison with S$964.0 million within the earlier yr.

Provision for Loans and Different Property through the quarter was S$252.0m in comparison with S$72.0m primarily as a consequence of greater provision for non-performing property.

OCBC stated it’s elevating the interim dividend for 2023 to 40 Singapore cents, up 43%, or 12 Singapore cents, from final yr.

Write to PR Venkat at venkat.pr@wsj.com

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