DBS Named World’s Best Bank For Fifth Year Running

DigitalCFO Newsroom | 25 August 2022

Global Finance recognises DBS with its highest award for the third time since 2018, marking the bank’s seventh global best bank win in five years.

DBS has once again been named World’s Best Bank by US-based financial publication Global Finance, marking the third time that the bank has clinched the magazine’s top accolade since 2018. This latest award also marks the bank’s seventh global best bank win within the last five years, reinforcing the bank’s position as an industry leader and a forward-looking institution that is ahead of the curve.  

“Although the global economy has bounced back from the dark days of 2020, it proves the rule that rough seas make good sailors,” said Joseph D. Giarraputo, founder and editorial director of Global Finance. “DBS turned 2021 into an outstanding year with a slew of strategic acquisitions, bank-wide advancements in digitalisation and dedication to sustainability. These investments also have resulted in a strong balance sheet and record net profits for the bank, proving DBS knows how to navigate tough times.”

Over the last 18 months, DBS has continued to build on its foundational strengths, while keeping financial performance resilient and maintaining support for stakeholders and the wider community. The bank continued to see robust returns from its expanded regional presence, with healthy business momentum in India following the successful amalgamation of Lakshmi Vilas Bank and enhanced customer proposition from its investment in Shenzhen Rural Commercial Bank in China. The bank also further augmented its regional footprint in January 2022 with the acquisition of Citigroup’s consumer banking business in Taiwan. On the new business front, the bank launched DBS Fixed Income Execution (FIX) Marketplace – Asia’s first fully digital and automated fixed income execution platform – and saw steady growth from DBS Digital Exchange (DDEx), with the platform recording more than SGD1.1 billion trading value for FY2021. In the sustainability space, DBS grew its sustainable finance portfolio to SGD 52.7 billion, exceeding its SGD 50 billion target well ahead of 2024. The bank also committed an additional SGD 100 million to further its efforts to improving lives in Asia through the DBS Foundation. Most recently in July 2022, the bank completed the retrofitting of one of its existing four-storey office buildings – DBS Newton Green – into Singapore’s first net zero development by a bank.

Piyush Gupta, DBS CEO, said, “We are honoured to be recognised as World’s Best Bank by Global Finance once again. Despite the challenging operating environment in 2021, we turned in our best year ever, delivering record earnings while being unwavering in our support for customers, employees and the community.  The inorganic transactions executed and the new businesses launched will strengthen our franchise and position us well in the coming decade. Looking ahead, while the macroeconomic outlook remains uncertain, we will remain watchful and nimble, while staying ahead of the curve in harnessing new technologies and building a sustainable future.”

DBS was first named ‘Best Bank in the World‘ by Global Finance in 2018, marking its inaugural win of a global Best Bank accolade. The bank would go on to receive equivalent accolades from UK-based Euromoney (World’s Best Bank – 20192021) and Financial Times publication The Banker (Global Bank of the Year – 20182021), and would take Global Finance’s top award twice more, in 2020 and 2022, bringing its total haul of global Best Bank awards to seven in five consecutive years (2018-2022) – a feat unmatched by any other bank globally. DBS was this year also recognised by US-based Fast Company in its Top 100 Best Workplaces for Innovators list, ranking 29th globally, and is the only Singapore-headquartered company to feature on the list.