DBS India announced that it has been named 'India's Best International Bank' by Asiamoney, a financial publication of Euromoney Institutional Investor Group.
Asiamoney Best Bank Awards aim to identify banks that have excelled across a range of core banking activities over the past 12 months, an official statement read.
DBS was selected 'India's Best International Bank' based on its operations in the country, the strength of services such as cash management, trade finance and foreign exchange; its capital markets business and M&A/advisory mandates and the cross-border business facilitated.
"DBS Bank's long-term commitment to India - one of its six core markets, including its home base in Singapore - has not wavered since it first set up shop in the country in 1994. On the contrary, it has only strengthened in recent years," said Asiamoney in its official announcement.
DBS has been present in India for 26 years and has grown consistently by strengthening its small and medium-sized enterprise business and consumer lending operations to build scale and become a full-service bank. Further, it has showcased a long-term commitment to India with the establishment of its local wholly-owned subsidiary, DBS Bank India Limited (DBIL) and the recent acquisition of Lakshmi Vilas Bank.
The amalgamation of Lakshmi Vilas Bank with DBIL in November 2020 bolstered the bank's physical presence in the country. DBS now has a network of nearly 600 branches across 19 states in India.
For the financial year ending March 31, 2020, net revenues grew 24 per cent year-on-year to INR 14.4 billion, while net profits jumped six times to INR 1 billion. Deposits rose 5 per cent and net advances by 6 per cent.
DBS introduced digibank, India's first, mobile-only bank in 2016 and has acquired around 1 million savings accounts since its launch.
DBS was also named 'Safest Bank in Asia' for the 12th consecutive year by New York-based trade publication Global Finance. The bank was also Global Finance's pick for 'Best Bank in the World' in 2020, making it the third consecutive global Best Bank accolade received by DBS. Last year, DBS Bank was recognised as 'World's Best Bank' in India by Forbes. It was also named 'World's Best Bank' by leading financial publication Euromoney in 2019.
Asiamoney conducts in-depth reports and banking awards in up to six markets across Asia-Pacific. The deliberation and evaluation of award submissions are done by a team of senior journalists, chaired by Euromoney's editor, in conjunction with research by the publication's editorial committee.