Singapore is no longer home to the world’s strongest bank, according to Bloomberg Markets Magazine’s third annual ranking of the World’s Strongest Banks announced on Thursday.
The rankings showed Qatar National Bank (QNB) supplanting Singapore’s OCBC from the number one spot in 2012. OCBC, which had taken the top spot in the past two years, dropped to No. 2, followed by Canadian Imperial Bank of Commerce in third place.
The three local banks stayed within the top ten rankings, however. DBS Group moved up to No. 5 in 2012, from No.8 previously, while UOB moved up one spot to No. 6. The last Asian bank to make it to the top ten was Hong Kong’s Hang Seng Bank at No. 10.
For the rankings, Bloomberg Markets Magazine evaluated 78 banks with total assets of at least US$100 billion at mid-March, and took into consideration five ratios: the banks’ Tier-1 capital to risk-weighted assets; non-performing assets to total assets; reserves for loan losses to non-performing assets; deposits to funding; and efficiency (costs to revenue).