The second bank in Singapore to report its third quarter 2023 (3Q 2023) earnings is DBS Group (SGX: D05). Peer United Overseas Bank (SGX: U11) reported strong results two weeks ago, with core net profit increasing to S$1.48 billion. DBS exceeded expectations, as its core net profit for the third quarter of 2023 exceeded S$2.6 billion, surpassing the average forecast of S$2.5 billion provided by four analysts. DBS recorded record-breaking overall income of S$5.2 billion for the third quarter of 2023, up 16% year over year. In accordance with consistently rising interest rates, the superior performance was driven by a 23% year-over-year increase in net interest income (NII) for its commercial book division. To S$843 million, net fee and commission income likewise grew by 9% annually. Despite an annual increase in expenses of only 12%, the bank's operating profit increased by 18% to S$3.2 billion in the third quarter of 2023.