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Finance

DBS Q2 profit tops estimates as rising interest rates boost banks

Southeast Asia's largest lender posts $1.3bn profit for April-June quarter

DBS reports that its net profit for April-June increased from $1.2 billion a year earlier, partly thanks to the relaxation of anti-COVID restrictions.   © Reuters

SINGAPORE (Reuters) -- Singapore's DBS Group reported a 7% rise in quarterly net profit that came in slightly above market estimates and gave a robust outlook as Southeast Asia's largest lender gains from sharply higher interest rates.

Singapore banks are also benefiting from a rebound in economic activity in the Asian financial hub after the government relaxed most of its COVID-19 restrictions in April.

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