The global consumer/private banking arm of Singapore-based OCBC said total income in the third quarter of 2012 rose to S$494 million ($403 million), up from S$428 million in the same period last year.

This business division includes Bank of Singapore, the private bank based from the Asian city state. Operating profit after allowances and amortisation stood at S$156 million, up from S$119 million a year ago, it said in a statement today.

Over a nine-month period to end-September, operating profit after allowances increased by 18 per cent year-on-year to S$440 million, driven by higher net interest income and fee income, which were partly offset by higher expenses and allowances, the bank said.

Across the entire bank, OCBC (Oversea-Chinese Banking Corporation) reported a record net profit after tax of S$1.85 billion for the third quarter of 2012, which included divestment gains of S$1.13 billion.

Excluding divestment gains, core net profit grew by 41 per cent from S$513 million a year ago to S$724 million, driven by higher net interest income, improved trading performance and increased profit from life assurance.