Here's what boosted OCBC's third quarter results

Profits up 27% to S$759m.

According to Maybank Kim Eng, OCBC's 3Q13 results of SGD759m (+27% Q-Q) were lifted by larger contribution from Great Eastern (GE), which benefited from mark-to-market (MTM) gains as credit and swap spreads narrowed amid a recovery in the financial markets.

The underlying trend was mixed with a 14% jump in non-performing loans (NPLs) being a major surprise.

Here's more:

Similar to DBS, trade loans remained one of the key loan drivers for OCBC. Loan growth was weaker than DBS’, as its domestic loans fell 1.7% QoQ on weaker corporate demand. In local currency terms, loan growth in Malaysia and Indonesia was robust at +4% and +8% QoQ respectively.

With FY13 loan growth expected at 15%, management is guiding for a high single-digit in 2014. 3Q13 NIM contracted 1bp QoQ, or 12bp YoY to 1.63% due to persistently low interest rate environment and the re-pricing of existing SGD housing loans.

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