The ratings on DBS Bank Ltd. reflect its solid franchise in the Singapore market, where it is the largest bank in terms of consolidated assets. The bank's strong financial profile, particularly asset quality and operating performance, is supported by its robust risk management system. The ratings also incorporate Standard&Poor's expectations that DBS Bank will benefit from continued top-line growth, low funding costs, and sustainable nonlending income, especially from wealth management. DBS Bank has a significant presence in Hong Kong, where it is the sixth-largest bank. This geographical and earnings diversity helps reduce DBS Bank's exposure to domestic credit cycles. In addition, its solid franchise position in Singapore has allowed it to enjoy sound liquidity and funding. Capitalization is
