DBS Group (DBSM.SI), opens new tab raised its full-year profit guidance on Wednesday after posting quarterly earnings that beat estimates, as Singapore’s biggest bank reaped the benefits of a booming wealth business that drove assets and fee income to records.

DBS’s results rounded off a strong second-quarter earnings season for banks in the city-state, with more inflows and trading by wealthy clients.

Singapore has benefited from strong inflows of wealth into Asia due to its political stability, low taxes and policies favourable towards family offices and trusts.