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SOUTH-EAST Asia's largest lender, DBS Bank, has been named the Best Asian Bank at the FinanceAsia Awards.
The announcement by the Hong Kong-based magazine last week saw DBS beating 10 other banks in the region for the title.
According to FinanceAsia, the Best Asian Bank award is given only to the creme de la creme of Asia's top banks.
'The decision on the winning bank is a highly quantitative one, with how each bank scored on a number of key performance metrics. DBS scored the highest of the 11 shortlisted banks,' said
FinanceAsia editor Lara Wozniak.
DBS was picked from a pool of 11 banks that have individually won the Best Bank award in their home territory.
They include China's ICBC, India's HDFC Bank, Malaysia's Public Bank, South Korea's Kookmin Bank and Taiwan's Chinatrust Commercial Bank.
FinanceAsia ranked the banks by a series of metrics and by their scores in Standard & Poor's Bank Fundamental Strength Ratings.
The 12 metrics were: return on assets, return on equity, profit per employee, total profit, total assets, percentage of net income derived from fee business, market capitalisation, non-performing loan ratio, growth rate, number of employees, price-to-book ratio and net interest margin.
DBS, along with local rivals United Overseas Bank and OCBC Bank, were also recently ranked as the safest banks in Asia.
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