DBS Q3 profit surges 32%, boosted by rising interest rates By Reuters

© Reuters. FILE PHOTO: A logo of DBS is pictured outside an office in Singapore January 5, 2016. REUTERS/Edgar Su/File Photo GLOBAL BUSINESS WEEK AHEAD

SINGAPORE (Reuters) -DBS Group reported a forecast-beating 32% jump in quarterly profit to a record as rising interest rates boosted net interest margins at Southeast Asia’s largest lender, a trend seen in the global banking sector this year.

The Singapore-based bank’s net profit came in at S$2.24 billion ($1.58 billion) in July-September, beating an average estimate of S$1.97 billion from four analysts, according to Refinitiv data.

The lender saw sustained business momentum in the quarter and asset quality remained resilient, DBS CEO Piyush Gupta said in a statement on Thursday.

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