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Reuters
Singapore’s DBS profit jumps two-thirds, CEO sees rate rises moderating
SINGAPORE (Reuters) -DBS Group, which has seen its net interest margins hit highs for the decade on rising interest rates, expects rates to moderate, its chief executive said, as Southeast Asia’s largest bank by assets reported record quarterly and full-year profit. Singapore lenders, like global peers, are benefiting from higher interest rates, but analysts said that as the cycle peaks and economic growth falters, rising bank profits could be curbed. At a news conference on Monday, DBS Chief Executive Piyush Gupta said U.S. interest rate increases are likely to moderate, though he doesn’t expect rate cuts this year.
