Bank Profits jump 31% on the back of higher interest rates

Singapore's second-largest lender OCBC reported stronger earnings in the fourth quarter, driven by higher interest rates. Net profit rose 34% on-year to come in at S$1.3 billion. A final dividend of 40 cents per ordinary share was proposed, bringing the dividend for 2022 to 68 cents. One industry watcher said the outlook for banks remains rosy amid the high interest rate environment.