DBS Third Quarter Profit Surges to Record High on Rising Interest Rates

(The Straits Times) — DBS Group Holdings posted on Thursday an increase in third-quarter earnings to a new record, with its net interest margin — a key gauge of a lender’s profitability — returning to pre-pandemic levels as interest rates surged.

Singapore’s largest bank’s net profit stood at S$2.24 billion ($1.6 billion), up 32% from a year ago and 23% from the second quarter. The results easily beat the S$1.87 billion forecast by analysts in a Bloomberg poll.