Compared with the third quarter of 2010 ("3Q10"), net interest income grew by 16% to S$874 million, underpinned by broad-based loan growth of 27%. This was partly offset by a 13 basis point decline in net interest margins, largely attributable to the low interest rate environment and strong growth in lower-risk loans. Fees and commissions grew by 20% to S$307 million, led by increases in wealth management, loans and trade-related fees. Trading performance was affected by the challenging financial markets, resulting in a significant decline in income from a year ago. GEH’s life assurance profits from Participating and Investment-linked funds grew 32% year-on-year to S$67 million.
Performance of the Non-participating fund was however adversely affected by the volatile financial markets, resulting in a decline of profits to S$9 million from S$105 million a year ago.
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The Group’s operating expenses increased by 7% year-on-year to S$611 million with most of the increase relating to higher staff costs, largely attributable to a 6% growth in staff strength. Allowances for loans and other assets declined to S$38 million from S$43 million in 3Q10. The Group’s asset quality remained sound, with the non-performing loans ("NPL") ratio further improving to 0.7% from
1.1% a year ago.
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