Hanoi (VNA) – The Singapore-based DBS Group, Southeast Asia's largest bank by assets, has reported a stronger-than-expected 68% rise in quarterly profit last year thanks to a soar in net interest margins.
According to Refinitiv data, DBS, the first Singaporean bank to report this season, said its October-December net profit rose to a record 2.34 billion SGD (1.76 billion USD) compared with an average estimate of 2.16 billion SGD from three analysts.
As reported by Reuters, at a news conference on February 13, DBS Chief Executive Piyush Gupta said US interest rate increases are likely to moderate, though he doesn't expect rate cuts this year.
DBS reported a total net interest margin, a key gauge of profitability, of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier.
Singaporean banks are on track to report record full-year results as they benefited from an early rebound in the economy last year./.
According to Refinitiv data, DBS, the first Singaporean bank to report this season, said its October-December net profit rose to a record 2.34 billion SGD (1.76 billion USD) compared with an average estimate of 2.16 billion SGD from three analysts.
As reported by Reuters, at a news conference on February 13, DBS Chief Executive Piyush Gupta said US interest rate increases are likely to moderate, though he doesn't expect rate cuts this year.
DBS reported a total net interest margin, a key gauge of profitability, of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier.
Singaporean banks are on track to report record full-year results as they benefited from an early rebound in the economy last year./.
VNA
