Higher interest rates have been a bane for the REIT sector and businesses with heavy debt loads. However, the three local banks have benefitted greatly from the surge in interest rates that has lifted their net interest margins (NIMs) and net interest income (NII). The trio have all reported record profits during the latest earnings season. United Overseas Bank (SGX: U11), or UOB, started the season with a 35% year-on-year rise in net profit for 2023’s second quarter (2Q 2023) excluding the integration costs from its acquisition of Citigroup’s (NYSE: C) consumer banking franchise. DBS Group (SGX: D05) came along and reported a net profit of S$2.6 billion for 2Q 2023, up 45% year on year. And finally, OCBC Ltd (SGX: O39) was the last to announce its results and impressed with a 34% year-on-year increase in net profit to S$1.7 billion for the quarter. With all three banks announcing stellar results, which should investors pick for their portfolio?...