SINGAPORE: DBS has been dethroned by Indonesian lender Bank Central Asia (BCA) as Southeast Asia's largest bank in terms of market capitalisation.
BCA's market capitalisation exceeded US$24 billion this month, while DBS's market cap has dipped below that level.
DBS’s shares have lost 37.8 per cent of their value since August last year, while BCA's stock gained 18.6 per cent over roughly the same period.
At the close of trading on Friday (Feb 12), DBS's shares closed nearly 1 per cent lower, at S$13.02 apiece. Meanwhile, BCA's shares closed 0.2 per cent lower, at 13,325 rupiah per share.
A DBS spokesman said: “We continue to remain the region’s top bank by assets and profits. Market capitalisation is driven by stock price fluctuations that do not always reflect our underlying business."