In the last issue of FinanceAsia magazine (August) we printed a list of Asia's top 200 banks by assets and also of the most profitable banks. We did this in conjunction with rating agency, Fitch, whose database produced the lists. Unfortunately due to some database errors that Fitch experienced, the lists contained some inaccuracies.
Data for DBS was based on the wrong year and should have stated that at end of 2002, the Singapore bank's total assets were $86,020 million, its equity $8,904 million and its net income $662 million. This places DBS top of the Singapore ranking (by assets), and 27th in the overall ranking of the top 200 banks. It also ranks DBS 12th in the most profitable banks league table, ahead of other Singapore banks.
Also incorrect was information on Mizuho Bank, where the net income should have been stated as -$5,681.9 million, and should not have appeared in the list of most profitable banks.
Sumitomo Mitsui Banking Corporation was entirely missing from the top 200 list due to a data mapping problem with Fitch's database. It has an asset base of $826,601 million which makes this omission highly significant - given the list was ranked by assets.
In the Philippines list, Banco de Oro should have come ninth.
Clearly there were problems with this list and both FinanceAsia and Fitch regret any inconvenience caused to the banks for whom incorrect data was published.