Solid franchise in core Singapore market. Robust risk management framework. Improving asset quality and operating performance. Diversified earnings base. Sound liquidity and funding. Competitive pricing pressure. Higher exposure to treasury market conditions compared with domestic peers. The ratings on DBS Bank Ltd. reflect its solid franchise in its core Singapore market, where it is the largest bank in terms of consolidated assets. The ratings acknowledge the continuous improvement in its strong financial profile, particularly its asset quality and operating performance. The bank's strong credit risk profile is sustained by its robust risk management systems and reflects a greater concentration in lower risk mortgage financing. The ratings also incorporate improvement in the bank's profitability, which should benefit from better top-line growth
