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 and the banks' ability to generate sustainable non-lending income, especially from wealth management and, to a lesser extent, treasury activities. DBS Bank also has a presence in Hong Kong, where it is the fifth-largest bank. This
