DBS Surpasses Expectations with Record Profits Driven by Higher Interest Margins
DBS Group, Southeast Asia's largest lender, reported a 17% increase in third-quarter profit, reaching SG$2.63 billion ($1.94 billion), surpassing analysts' estimates. The bank attributed its success to a high-interest rate environment and a rise in net interest margin. DBS also declared a dividend of 48 Singapore cents per ordinary share for the quarter. The CEO, Piyush Gupta, expressed optimism for the coming year, citing the potential benefits of higher interest rates and the bank's strong balance sheet.