EBL wins ‘Bangladesh's Best Domestic Bank 2023’ award

Eastern Bank Limited (EBL) wins ‘Bangladesh’s Best Domestic Bank 2023’ award accorded by The Asiamoney. EBL secures the honor for the third consecutive year.

“It’s a great honour for Team EBL and a testament of our strength and resilience.  I take the opportunity to share this award with all our valued clients, stakeholders, patrons,” said Ali Reza Iftekhar, Managing Director and CEO of Eastern Bank Ltd, says a press release.

According to The Asiamoney, amid surging global interest rates, runaway inflation and geopolitical upheaval, 2022 was challenging for Bangladesh’s financial system.  However, EBL management kept a clear eye on future growth and competitiveness. The bank weathered the global chaos by prioritizing compliance, controlling costs, product innovation, increasing internal productivity and strengthening customer service.

By virtually any metric, EBL was the industry standout. Net profits rose to 9.73 per cent, year on year, in 2022 as assets jumped to 17.3 per cent and Tier 1 capital increased to 14.56 per cent. Return on equity rose to 15.46 per cent last year, while the non-performing loan ratio dropped to 2.78 per cent from 3.70 per cent in 2021.

The Asiamoney is a globally reputed UK based financial and management publication. Asiamoney’s award decisions were made by a team of senior journalists after receiving detailed submissions from market participants and in conjunction with research into the banking and capital markets by its editorial committee.