The race for the biggest prize in The Asset Triple A Regional Awards 2018 - the Best Bank in Asia, outside of Japan and Australia, - is a three-way competition between perennial winner Citi, plus DBS and HSBC. The US bank had a strong start in Asia in 2018 and the region now accounts for 26% of its global profit. Asia has raised its contribution to Citi's global transformation, representing the largest region outside of North America. It added close to US$1 billion in revenues to nine months last year.

Citi exhibited balanced growth across countries and products. In terms of the institutional clients group, the Asia-to-Asia revenues were up 20% year-on-year. It also expanded its Asia desks' focus on the Belt and Road initiative to go deeper and wider with key clients.

DBS continues to carry the torch for regional banks in Asia, delivering another healthy performance in the first nine months of 2018. Net profit surged 36% to S$4.31 billion (US$3.19 billion), while total income rose 12% to S$9.94 billion, underpinned by a 16% increase in net interest income and 8% growth in fee income. Return on equity improved from 9.4% to 12.4% due to a higher net interest margin, a normalization of allowances and a more efficient capital base.

By business unit, income from consumer banking/wealth management rose 21% to S$4.20 billion from increases in all product categories, led by deposits, investment products and cards. Institutional banking income went up 8% to S$4.26 billion as earnings from cash management and treasury customer flows increased.

HSBC is also making a strong pitch for the Best Bank award category, anchored by its large presence in Hong Kong, where it is considered the largest bank by assets with a full spectrum of products and services. In nine months ended September 30 2018, HSBC reported an adjusted profit before tax of US$18.332 billion, of which Asia accounted for US$13.810 billion, up from US$12.176 billion from the comparable period a year earlier. For the third quarter of 2018 alone, Asia's contribution to adjusted profit before tax amounted to US$4.450 billion – out of the total US$6.193 billion – up from US$3.953 billion compared to the year before.

In global banking and markets, the bank says revenue was higher by US$400 million or 4% due to strong growth in global liquidity and cash management, and securities services, reflecting interest rate rises and deposit balance growth, primarily in Asia. Like Citi and DBS, HSBC is enhancing its digital banking capability through innovation, rolling out a range of simpler and faster solutions to elevate its clients' commercial banking experience.

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