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Singapore's DBS Group warned inflation and geopolitical uncertainty may impact second-half performance too, after the wealth business of the bank suffered in the latest quarter, though profit beat estimates on rising interest rates. The quarterly earnings from DBS, Southeast Asia's largest lender, rounded off a strong reporting season for Singapore banks after local peers OCBC beat estimates and United Overseas Bank flagged further improvement in net interest margins, a key profitability gauge.
SINGAPORE (Reuters) -Singapore's second-largest lender Oversea-Chinese Banking Corp Ltd (OCBC) reported a stronger-than-expected 28% jump in quarterly profit and gave a robust outlook as rising interest rates pushed up its net interest margins. With Singapore relaxing most of its COVID-19 local and travel restrictions since early April this year, banks are benefiting from the rebound in economic recovery of the Asian financial hub. "Overall economic growth in our key markets is expected to remain positive this year but at a slower pace due to the heightened headwinds in the operating environment," OCBC's Group Chief Executive Helen Wong, who took charge last year, said in the results statement on Wednesday.