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Nikkei Markets

DBS beats profit expectations as Hong Kong operations stay resilient

CEO says higher fees to propel income growth by low single-digit next year

DBS logged 12% growth in quarterly net profit from Hong Kong in the three months through September.   © Reuters

SINGAPORE (Nikkei Markets) -- DBS Group Holdings, Singapore's largest lender, beat estimates of quarterly profit with a 15% rise as fee income rose to a record and its Hong Kong operations put in a strong performance despite five months of increasingly violent pro-democracy protests.

CEO Piyush Gupta said the Hong Kong business remained resilient amid a slowdown in trade and other areas. However, Singapore mortgages continued to shrink with fewer people buying completed apartments.

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