DBS Group (DBSM.SI) reported a 68% rise in quarterly profit on Monday as rising interest rates boosted its net interest margins, but Southeast Asia’s largest bank by assets said that interest rate increases would moderate in 2023. DBS, the first Singapore bank to report this season, said October-December net profit rose to S$2.34 billion ($1.76 billion) compared with an average estimate of S$2.16 billion from three analysts, according to Refinitiv data, and S$1
SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) reported a 68% rise in quarterly profit on Monday as rising interest rates boosted its net interest margins, but Southeast Asia’s largest bank by assets said that interest rate increases would moderate in 2023.
DBS, the first Singapore bank to report this season, said October-December net profit rose to S$2.34 billion ($1.76 billion) compared with an average estimate of S$2.16 billion from three analysts, according to Refinitiv data, and S$1.39 billion) in the same period a year earlier. ($1 = 1.3297 Singapore dollars)