DBS Bank has been named “Safest Bank in Asia” for the seventh consecutive year by leading trade publication Global Finance. The bank also moved up one place to the 11th spot on the global list of safest banks.
DBS retained its 2nd place position on the list of World’s Safest Commercial Banks, which comprises financial institutions which are not backed by government guarantees. “The past year has been a rollercoaster for companies and investors, as some of the region’s biggest markets have seen intense volatility and major market changes,” said Joseph Giarraputo, publisher and editorial director of Global Finance.
“Geopolitical risk continues to be a concern in regions as diverse as Europe, the Middle East and Asia. This ranking offers companies and investors an objective tool for evaluating the stability and security of the world’s banks—both globally and by region,” Giarraputo notes.
Piyush Gupta, CEO of DBS Bank said, “DBS is honoured to be recognised as the safest bank in Asia for the seventh year running. This year has been marked by slowing growth across the region, and intense market volatility. Despite that, our first-half net profit reached a record high. Topping the Global Finance ranking is testament to the resilience of the franchise, and the strong governance and risk management processes underpinning our business.”
Since 1992, the ranking has been a recognised standard of creditworthiness for the financial world. 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.
DBS’ 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. DBS delivered record net profit of SGD 2.39 billion for the first half of 2015. Excluding a one-time gain, net profit rose 12% to SGD 2.25 billion.
