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DBS Joins OCBC in Beating Profit Estimates on Lending, Fees

DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp., Southeast Asia’s largest lenders, unexpectedly posted third-quarter profit gains as rising loans and fee income offset tighter interest margins.

Net income at DBS rose 1 percent to S$862 million ($694 million) for the quarter ended Sept. 30 from S$856 million a year earlier, the Singapore-based lender said in a stock exchange statement. That beat the S$839 million average of seven analysts’ estimates compiled by Bloomberg. OCBC profit rose 5 percent to S$759 million from S$724 million, topping the S$662 million average of eight analysts’ estimates. The year-ago profit excludes a S$1.1 billion gain from asset sales.