Singapore’s Biggest Banks Post Profit Gain on Lending Income

DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp., Southeast Asia’s two biggest lenders, posted an increase in fourth-quarter core profit as interest income climbed.

DBS’s net income excluding one-time gains rose 6 percent to S$802 ($634 million) for the quarter ended Dec. 31, from S$760 million a year earlier, according to a statement posted on the Singapore stock exchange. Including items such as the sale of stakes in a Philippine bank, profit declined 20 percent to S$973 million. Oversea-Chinese Banking Corp.’s profit rose 8 percent in the three months, beating analysts’ estimates.