SINGAPORE - DBS Bank announced today that it has been named "Safest Bank in Asia" for the fifth year running by Global Finance in its April 2013 half-year update of the world's safest bank rankings.
DBS was also ranked the 12th safest bank globally, up one notch from August 2012.
According to Global Finance, the creditworthiness of banks has become increasingly important to companies and investors. This is in light of the economic uncertainty in Europe and the US, which has affected the ratings of some financial institutions in developed markets.
"Counterparty creditworthiness has seldom been of more concern to companies and investors worldwide," said Global Finance publisher Joseph D. Giarraputo.
"In the current climate, corporate CFOs and treasurers are continuously evaluating their counterparties to ensure that the financial institutions with which they work in diverse regions of the world are the safest and soundest. [This] ranking provides an independent analysis of each region's banks that companies can use as a tool to benchmark their counterparties," he added.
Piyush Gupta, CEO of DBS said: "Being recognised as Asia's safest bank for the fifth consecutive year is a firm affirmation of the quality, strength and stability of the DBS franchise. With our high credit ratings, strong balance sheet, innovative products and deep Asian insights, DBS is well-placed to support our customers and provide them with peace of mind, in a growing Asia."
First published in 1992, the ranking is a recognised standard of creditworthiness for the financial world. The ranking was created 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' deep knowledge of Asia, strong fundamentals and focused execution of its Asia centric strategy has positioned the bank well to capture opportunities in the region.
DBS announced a record high net profit of $3.81 billion for 2012, after it became the first Singapore bank to announce a net profit of more than $3 billion in 2011.