OCBC shares continue rally to hit all-time high after strong Q3

Shares of OCBC hit a new all-time high on Monday (Nov 10), continuing a rally from last week.

The counter rose 1.4 per cent to reach a new intraday high of S$18.02 as at 1.31 pm, continuing its rally last week when it hit a previous high of S$17.94.

On Friday, OCBC shares closed 3.4 per cent higher at S$17.48.

The lender posted a flat net profit for its third quarter at S$1.98 billion, which beat the S$1.79 billion consensus forecast in a Bloomberg survey of five analysts.

Its net interest income for the quarter declined 9 per cent to S$2.23 billion.

Monday also marked the first day for banking veteran Melvyn Low as OCBC’s new group chief strategy and transformation officer. He will be in charge of driving the group’s long-term strategic road map, with a “focus on future-proofing the group’s businesses and identifying new growth engines”.

Low will also continue to oversee the global transaction banking division, which he has led since 2018. He is also co-chair of the steering committee for the governance of PayNow cross-border linkages and is as on the boards of Nets and the Singapore Trade Data Exchange.