DBS Hong Kong’s unprecedented wins are a testament to the bank’s well-diversified and solid franchise amid economic challenges
HONG KONG, July 19, 2022 /PRNewswire/ — DBS Hong Kong received four best bank awards for the first time, namely ‘Hong Kong’s Best Bank’ from Euromoney’s Awards for Excellence 2022, ‘Hong Kong’s Best International Bank’ from Asiamoney’s Best Bank Awards 2022, ‘Best International Bank in Hong Kong‘ from FinanceAsia’s Country Awards 2022 as well as ‘Bank of the Year – Outstanding Performance’ from Bloomberg Businessweek’s Financial Institution Awards 2022, entrenching the bank’s position as an industry leader delivering stellar performance amid economic challenges.
Louise Bowman, Editor of Euromoney, said, "DBS achieved strong profit growth in Hong Kong as the established names experienced sharp falls. Groupwide investment in digital, and some sensible decisions around sector exposures, have paid off for the bank while others have struggled."
DBS Hong Kong achieved strong financial growth across all products and segments, delivering a rise in net profit of 27% to HK$6.9 billion in 2021 despite low rates and border closure with mainland China. Over the past years, the bank was able to build a quality deposit franchise with the Current Account Savings Account (CASA) ratio reaching 83%, which helped offset challenges from the pandemic.
The continuous growth of DBS Hong Kong lies in its ability to embrace technology and digitalisation to meet the needs of customers. The Bank has accelerated its digital transformation by doubling down on technology investments; insourcing its technology capabilities; and consistently enhancing the online banking journey for both wealth management and business banking customers.
Sebastian Paredes, CEO of DBS Bank (Hong Kong) Limited, said, "We are humbled by the industry recognitions that we have received. Leveraging on our solid digital capabilities, our strong 4,500-plus workforce was able to ignite growth by offering innovative solutions for our customers as we navigated through the pandemic. As we look ahead, we will continue to push ahead with the Group’s sustainability agenda and tap into growth opportunities in the Greater Bay Area, all the while making innovation and customer-centricity key priorities as Hong Kong’s Best Bank."
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named "World’s Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World’s Best Digital Bank" by Euromoney and the world’s "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.