Best bank: Eastern Bank
In a difficult economic landscape, Eastern Bank has once again proven its mettle, delivering impressive growth and financial performance in 2023. The bank’s net profit surged by 19.6%, while its assets rose by 11.5%. This is particularly noteworthy considering the high base set in 2022. Return on equity improved to 16.3% from 15.5% in 2022.
AfE 2024
The bank’s retail loan segment saw significant growth, driven by the success of its home loan and personal loan offerings. Through strategic partnerships with real estate developers, Eastern bank made inroads in the home loan market, reaching over 6,000 new clients. Similarly, the bank’s small and medium-sized enterprise business segment achieved impressive growth, with its loan portfolio expanding by 19% in 2023.
Eastern Bank’s payroll banking arm emerged as another standout performer in 2023, successfully onboarding 292 new payroll companies and establishing more than 33,000 payroll accounts.