Singapore — a tiny Southeast Asian country — and Hong Kong are often seen as competitors for the role of Asia's premier financial center.
. Net profit for the second quarter jumped 17% from a year ago to 1.6 billion Singapore dollars , helped by rising interest rates in Singapore and Hong Kong.expected to cut rates this week, Gupta said the bank's net interest margin — a measure of lending profitability — is expected to inch slightly lower in the coming months.
Singapore and Hong Kong are DBS' two largest markets. Interest rates in both are influenced by developments around the world, rather than domestic monetary policies that are set based on the respective local currency's exchange rate. So, the trajectory of interest rates in the U.S. is an important influence on rates in the two Asian financial centers.
"I think margins have peaked," said the CEO. "If the Fed starts cutting, overall margins should reduce."
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