Singapore's bank OCBC raises 2023 target, third-quarter net profit beats forecast

People pass an OCBC Bank in Singapore. — Reuters

SINGAPORE: Singapore's second largest bank Oversea-Chinese Banking Corp (OCBC) raised its targeted 2023 net interest margin, a key profitability gauge, after posting on Friday a better-than-expected 21% jump in third-quarter net profit.

OCBC, which is also Southeast Asia's second-largest lender by assets, projected a net interest margin at 2.25% region for 2023, according to earnings presentation slides by Group Chief Executive Helen Wong.