The Ten Banks with the Largest Profits in ASEAN: Singapore versus Indonesia Competition

Jakarta, CNBC Indonesia - A number of leading banking institutions across Southeast Asia (ASEAN) have released their latest financial reports.

Overall, the net profit performance of banks in the region shows stable results amid various global macroeconomic dynamics.

Reports from various countries, ranging from Singapore, Indonesia, Malaysia, Thailand, and Vietnam, present a map of fairly intense competition in the regional financial sector.

To facilitate more measurable and equitable comparison and analysis, all net profit figures from various originating currencies have been converted into Indonesian Rupiah (IDR) denomination.

Map of Net Profit Strength across the ASEAN Region

Based on compilation of net profit data, banks originating from Singapore continue to consistently maintain their dominance at the top of the ASEAN rankings.

DBS Group ranks first as the bank with the largest profit in the region, recording a figure of S$10.93 billion equivalent to Rp145.08 trillion.

This position is followed sequentially by OCBC and UOB in second and third place, each recording profits of Rp98.49 trillion and Rp62.38 trillion respectively.

Meanwhile, Indonesia’s banking industry demonstrates robust fundamentals by dominating the upper-middle ranks. PT Bank Central Asia Tbk holds fourth position regionally, whilst leading amongst Indonesian domestic banks with profit of Rp57.54 trillion.

This figure is closely followed by PT Bank Rakyat Indonesia Tbk and PT Bank Mandiri Tbk in fifth and sixth positions. Both of these state-owned banks, which form part of 47 State-Owned Enterprise (BUMN) entities in Indonesia, continue to demonstrate substantial financial performance contributions.

The seventh to ninth positions are filled by three major Malaysian banks, namely Maybank, CIMB Group, and Public Bank Berhad. The tenth position is held by Kasikorn Bank from Thailand.

Meanwhile, several entities from other countries such as Vietcombank and BIDV from Vietnam, as well as Siam Commercial Bank from Thailand, recorded solid performance despite their accumulated profits yet to breach the top ten threshold in this period.

(Currency conversion based on rates: MYR: 4,313.10 | THB: 539.91 | SGD: 13,273.32 | VND: 0.6428)