DBS Group (DBSM.SI), Southeast Asia’s biggest bank, posted a 23% rise in quarterly profit, lifted by higher fees and a sharp drop in bad-debt charges, slightly ahead of expectations.

DBS said on Friday its Jan-March net profit was $532 million versus $433 million a year ago.

Analysts had predicted a net profit of $523 million, according to the average of five forecasts in a Reuters survey.

The result came after Oversea-Chinese Banking Corp (OCBC.SI) smashed forecasts on Wednesday with a 24% jump in quarterly profit.

Singapore banks are forecast to see a turnaround in earnings this year, helped by an economic rebound in Asia, hectic capital-market activity and falling bad-debt charges.

DBS shares have fallen about 5% so far this year, against a 5% drop in shares of OCBC and a 1.9% drop for United Overseas Bank (UOBH.SI). The benchmark Singapore index is down 2%.