Southeast Asia’s largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment.

During the quarter, net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) compared to SG$2.24 billion a year ago.

It was higher that analysts’ estimates compiled by LSEG, which predicted a quarterly profit estimate of SG$2.5 billion for the July to September quarter.

The Singapore bank also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter.

Shares of the company rose 0.75%.

Net interest margin, a measure of lending profitability, was at 2.19% in the third quarter, higher than 1.90% during the same period a year ago.

“We achieved record income in the third quarter as net interest margin continued to expand and growth in commercial book non-interest income was sustained,” said Piyush Gupta, chief executive officer of DBS.

“As we enter the coming year, higher-for-longer interest rates will be a net benefit to earnings, while our solid balance sheet with ample liquidity, prudent general allowance reserves and healthy capital ratios will provide us with strong buffers against macro uncertainties,” Gupta added.

DBS, Singapore’s largest bank, was second to report among the country’s top lenders.

Smaller rival United Overseas Bank posted a 1% drop in third-quarter net profit in October, missing analysts’ expectations.

Oversea-Chinese Banking Corporation is set to report quarterly results on Nov. 10.