United Overseas Bank Ltd (SGX: U11), or UOB, was the first of the trio of local banks to report its fiscal 2023’s first quarter (1Q 2023) results back in late April. The lender saw its net profit hit a record high of S$1.6 billion. Similarly, DBS Group (SGX: D05) then followed up with its own stellar set of earnings, posting a record net profit of S$2.57 billion. Now, OCBC Ltd (SGX: O39) has joined both its peers in also reporting a splendid set of 1Q 2023 earnings. All three banks are benefitting from a sharp surge in interest rates caused by the US Federal Reserve’s rapid rate hikes to combat inflation. Here are five highlights from OCBC’s latest earnings report. 1. A solid set of financial numbers OCBC’s net interest income surged by 56% year on year to S$2.34 billion, driven by a sharp jump in the bank’s net interest income (NIM). Non-interest income, however, dipped by 11% year on year to S$1 billion....