SINGAPORE – DBS Bank announced today that it has been named “Safest Bank in Asia” for the eighth consecutive year by New York-based trade publication Global Finance. DBS is third on the list of the global safest commercial banks and 12th safest bank globally.
“Asian banks put in a strong showing in the top 20, led by Singapore’s DBS Bank at number 12,” said Global Finance publisher and editorial director Joseph D. Giarraputo. Within Asia itself, the Singapore banks dominate the list, with DBS topping the ranking.
“In the past year, Asia has seen landmark political shifts at a time of economic uncertainty. Our ranking of the Safest Banks in the region showcases banks that have built solid foundations—offering security and stability in this rapidly changing environment—and provides a consistent tool for comparing institutional strength within the region,” said Giarraputo. “With tighter regulations, now more than ever, corporate clients demand financial services they can trust.”
Piyush Gupta, CEO of DBS Bank said, “DBS is honoured to be consistently recognised as the safest bank in Asia. The global economy this year has been marked by more pronounced economic uncertainty and volatility. Despite the challenging operating environment, the bank’s first-half net profit reached a record high, which is a testament to the strength and resilience of the franchise.”
DBS reported record core net profit of SGD 2.25 billion for the first half of 2016. The bank’s in-depth knowledge of Asian markets, innovative products, high credit ratings and strong balance sheet have positioned the bank well to grow and capture opportunities in the region.
The banks were selected through an evaluation of long-term credit ratings – from Moody’s, Standard & Poor’s and Fitch Ratings – and total assets of the 500 largest banks worldwide.