OCBC Group, the Asian bank which is the parent of Bank of Singapore, the private banking business it bought from ING in January, said its third-quarter net profit rose 27 per cent year-on-year to $570 million (around $441.5 million), taking profits since the start of 2010 to S$1.749 billion.

Earnings growth was supported by higher net interest income, strong fee and commission income, and lower credit losses, OCBC said in a statement today.

The results take account of the consolidation of Bank of Singapore.

OCBC is an example of the kind of Asia-based bank which has seen its fortunes wax while Western banks have in some cases struggled due the credit crunch. It bought BOS from Netherlands-based ING as the latter bank was seeking to sell assets and repair its balance sheet.

Among other details, OCBC said net interest income rose by 10 per cent year-on-year to S$754 million.

Operating expenses increased by 23 per cent, reflecting the consolidation of Bank of Singapore, the stepping up of business expansion in key markets following a period of cost restraint during the financial crisis, and higher business volumes.