DBS Group (SGX: D05)

DBS needs no introduction, being the largest of the three Singaporean banks with a market capitalisation of close to S$86 billion.

The lender reported a stellar  set of earnings  for 1H 2023 as rising  interest rates  boosted its bottom line.

For 1H 2023, the bank&rsquo s total income rose 34% year on year to S$10 billion with net interest income soaring 61% year on year to S$7 billion.

Net profit soared 44% year on year to S$5.2 billion.

DBS upped its quarterly dividend to S$0.48, a sharp 33.3% year on year increase from the S$0.36 paid out a year ago.

With an annualised dividend of S$1.92, DBS&rsquo s shares are yielding 5.7%.

There could be more growth for DBS on the horizon.

Last month, the bank announced the completion of the  acquisition  of  Citigroup&rsquo s  (NYSE: C) Taiwan consumer banking business.

This purchase will propel DBS&rsquo s Taiwan revenue past the S$1.3 billion mark.

With interest rates potentially staying high for the remainder of 2023 and into next year, DBS looks poised to continue enjoying elevated net interest income.

Disclosure: Royston Yang owns shares of DBS Group.