Hong Kong's best international bank 2022: DBS Bank
Gone are the days when DBS was considered just a Singapore bank or a southeast Asian leader. The firm has increasingly become a force to be reckoned with in Hong Kong too, where it has grown quickly in recent years and is set to become bigger. It is Asiamoney’s best international bank in Hong Kong in 2022.
DBS, whose Hong Kong chief executive is Sebastian Paredes, operates through two entities in the city: DBS Bank (Hong Kong), a local subsidiary, and DBS Bank Hong Kong branch, which remains incorporated in Singapore.
Overall, DBS in Hong Kong recorded an impressive 27% growth in net profits in 2021 to HK$6.9 billion ($878 million) and saw a 21% rise in non-interest income to HK$6.3 billion. Total income was up 1% to HK$14.4 billion.
These are strong numbers, given the firm had to contend with closed borders, new waves of Covid-19 infections in Hong Kong, and a weak macroeconomic outlook. Yet, DBS’s Hong Kong loan book grew in 2021, as did its treasury sales, roster of customers, online account openings and total number of wealthy clients.