Hanoi (VNA) – The Singapore-based DBS Group, SoutheastAsia's largest bank by assets, has reported a stronger-than-expected 68% risein quarterly profit last year thanks to a soar in net interest margins.
According to Refinitiv data, DBS, the first Singaporean bankto report this season, said its October-December net profit rose to a record 2.34billion SGD (1.76 billion USD) compared with an average estimate of 2.16billion 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 tomoderate, though he doesn't expect rate cuts this year.
DBS reported a total net interest margin, a key gauge ofprofitability, of 2.05% for the latest quarter, up from 1.43% in the sameperiod a year earlier.
Singaporean banks are on track to report record full-yearresults as they benefited from an early rebound in the economy last year./.
According to Refinitiv data, DBS, the first Singaporean bankto report this season, said its October-December net profit rose to a record 2.34billion SGD (1.76 billion USD) compared with an average estimate of 2.16billion 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 tomoderate, though he doesn't expect rate cuts this year.
DBS reported a total net interest margin, a key gauge ofprofitability, of 2.05% for the latest quarter, up from 1.43% in the sameperiod a year earlier.
Singaporean banks are on track to report record full-yearresults as they benefited from an early rebound in the economy last year./.
VNA
