DBS named as SEA’s most profitable bank

DBS ranked as the 10th largest company in terms of revenue in Fortune’s SEA 500 list.

Singaporean bank DBS has been named the top bank in Southeast Asia, according to the Fortune magazine’s inaugural Southeast Asia 500 rankings.

DBS also ranked as the tenth largest company overall in SEA in terms of revenue. 

Singaporean banking giants UOB and OCBC were not far behind, at 11th and 12th place overall, respectively.

Bank Rakyat Indonesia (15th), Maybank (17th), and Bank Mandiri (22nd) all made it into the Top 25. 

SEA, a Singaporean tech behind e-commerce giant Shopee and who operates digital banks and payment services, occupied the 20th place in the rankings.

Other notable banks in the rankings include Kasikornbank (31st), CIMB Group Holdings (36th), Agribank (37th), Vietnam’s BIDV (39th), and Bank Central Asia (40th). 

SM Investments, which operates Philippine bank BDO alongside shopping mall, real estate, retail, and tourism businesses, ranked at the 27th spot. 

Banks in Southeast Asia reportedly accounted for a collective revenue of US$242b in 2023, with Singapore’s DBS leading both in terms of revenue and earnings, Fortune said in its report.

Overall, revenues and profits shrank over the past year for the Southeast Asia 500, Fortune reported, driven by weak energy markets.

DBS, meanwhile, is aiming for more growth over the next few years, recently announcing its intention to expand the assets under management (AUM) of its wealth business to $370b by 2026.