Concerns about the impact of an intensifying trade row between China and the United States on Singapore’s export-reliant economy, and curbs on the city-state’s property market, have muddied the outlook for banks after they reported record profits last year.

“We are well positioned to continue capitalising on Asia’s long-term prospects while navigating short-term uncertainties,” DBS CEO Piyush Gupta said in a statement.

DBS said net profit came in at S$1.41 billion (US$1 billion) in the three months ended September versus S$822 million a year earlier, and an average estimate of S$1.47 billion from three analysts, according to data from Refinitiv. The bank took higher allowances for weak oil and gas support service exposures last year.

DBS, which is about 29% owned by Singaporean state investor Temasek Holdings, posted results after Oversea-Chinese Banking Corp announced a record quarterly profit and United Overseas Bank reported profit rose 17%.

DBS’s net interest margin, a key gauge of profitability, rose 13 basis points to 1.86%.

The bank forecast loan growth in the mid-single-digit range for 2019 and a continued rise in net interest margin.

Total income rose 10% to a record S$3.38 billion, DBS said, while net interest income rose 15%. Investment banking fees fell 66%.