BANK - SINGAPORE. Singapore's DBS Group posted a 7% rise in quarterly net profit that came in slightly above market estimates as Southeast Asia's largest lender benefited from rising interest rates and said asset quality remains resilient.
"Net interest margin rose for the first time in three years and accelerated in the second quarter, while business momentum and asset quality were sustained," DBS CEO Piyush Gupta said in the results statement on Thursday.
"Our ongoing stress tests indicate that asset quality continues to be robust," he said.
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The bank reported net profit for April-June increased to S$1.8 billion ($1.30 billion) from S$1.7 billion a year earlier, compared with an average estimate of S$1.69 billion from five analysts compiled by Refinitiv.
The bank's net interest margin, a key profitability gauge, increased to 1.58% in the quarter from 1.45% a year earlier. It said asset quality remained resilient.
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