DBS named world’s best bank by British magazine

SINGAPORE — In a first among Asian banks, DBS from Singapore was named the world’s best bank by Euromoney magazine, a British publication.

The latest award given out on Wednesday (July 10) adds to the collection of “best of” awards that DBS has received.

Last year, the bank clinched the world’s best digital bank title from Euromoney, repeating its 2016 feat. It had also won American magazine Global Finance’s Best Bank in the World last August, and the Bank of the Year – Global award by The Banker, a Financial Times publication, in November last year. 

Mr Clive Horwood, editor of Euromoney, said in a press statement: “DBS was chosen for our awards because it represents what we believe a bank should look like today. 

“No other institution has worked so hard to embrace and lead digital disruption, and while some banks demonstrate their technological prowess with impressive apps, DBS does so by embedding digital innovation into everything it does — with a tangible positive impact on the bottom line.”

He added that DBS has done so with “a clear-sighted focus on sustainability that positions it well for the years ahead”.

Past winners of Euromoney’s world’s best bank title include the Bank of America, Citi, UBS and BNP Paribas. 

DBS’ chief executive officer Piyush Gupta said that the bank is the first in the world to hold three of the most prestigious global best bank honours.

Mr Gupta, a former Citi banker who had also won the Singapore Business Awards’ outstanding chief executive of the year in 2016, said: “This achievement underlines widespread recognition of our leadership in defining the future of banking, and our commitment to deliver a purpose beyond banking to create a more sustainable future.”

DBS’ return on equity in end-2018 was at 12.1 per cent, which was among the highest for a bank that serves a developed market. Return on equity is used to show a company’s profitability and how effective a firm’s management is in generating profits through its assets.

In a media statement, DBS highlighted some of its digital transformation efforts and environmental sustainability projects. It had provided green loans, sustainability performance-linked loans and renewable energy financing amounting to more than S$2.4 billion last year.

This year, the bank signed Singapore’s first sustainability-linked loan with Chew’s Agriculture, a leading egg producer here.