Singapore leading banks top estimates in quarterly profit but flag caution in weak markets

People use DBS automated teller machines (ATMs) in Singapore March 31, 2022. - Reuters

SINGAPORE, April 29 (Reuters): Singapore lenders DBS Group and OCBC gave cautious outlooks this week after reporting 10% declines in quarterly profits amid weaker economic growth, though their performances still beat analysts' estimates.

Though rising interest rates and the full re-opening of Singapore's trade-dependant economy after restrictions during the pandemic spell good news for banks, inflation risks are weighing on their prospects.