DBS Bank has been crowned Asia's safest bank for the eighth year in a row.
New York-based trade publication Global Finance also ranked DBS as the third-safest commercial bank globally, and the 12th-safest in the world. The world's 500 largest banks by total assets were ranked through an evaluation of long-term foreign currency ratings from credit rating agencies Moody's, Standard & Poor's and Fitch.
DBS chief executive Piyush Gupta said in a statement yesterday: "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 a record core net profit of $2.25 billion for the first half of this year.
Singapore banks dominated the magazine's Asia league table list, with OCBC Bank second and United Overseas Bank (UOB) fourth.
SAFEST BANKS IN ASIA 2016
1. DBS Bank
2. OCBC Bank
3. Korea Development Bank
4. United Overseas Bank
5. Export-Import Bank of Korea
6. Industrial Bank of Korea
7. Hang Seng Bank
8. China Development Bank
9. Agricultural Development Bank of China
10. Export-Import Bank of China
OCBC was ranked fifth in the top 50 safest commercial banks list while UOB was sixth. OCBC was rated 14th on the list of the world's safest banks overall with UOB 16th.
Global Finance publisher and editorial director Joseph Giarraputo said: "The safest banks ranking for 2016 illustrates the impact of some of the past year's major political and economic shifts, with low oil prices in particular having significant impact on Gulf economies."
He added that the ranking provides a consistent metric, allowing clients to compare the stability and security of banks across countries and regions. This is the magazine's 25th annual ranking exercise.