Oversea-Chinese Banking Corporation (OCBC) Limited reported a net profit of S$513 million for the third quarter of 2011.

In a statement on Thursday, OCBC said the volatility of the financial markets in the third quarter had an adverse impact on its trading income, resulting in a 10 percent decline in the Group’s net profit from S$570 million a year ago.

Compared with the third quarter of 2010, net interest income grew by 16 percent to S$874 million, underpinned by broad-based loan growth of 27 percent.

Commenting on the Group’s performance, CEO David Conner said: “Given the volatile market conditions, overall, we are quite satisfied with our third quarter results, which clearly reflected the strength of our customer businesses. With economic growth slowing, we are well positioned and intend to continue supporting our customers across all our key markets.”

Source: CNA