Despite a local economic slowdown, Bosnia and Herzegovina’s banking sector remained healthy in 2023 for growth, profits and asset quality. It is a market that UniCredit Bank Mostar and Raiffeisen Bank dominate in terms of market share, and this year UniCredit – led locally by chief executive Amina Mahmutović – retains the award for the country’s best bank.

In recognition of multiple market-leading developments in its banking business and an impressive financial performance last year, maib is Moldova’s best bank.

By far the biggest bank by assets in the country and boasting nine million account holders, ING is also the best bank in the Netherlands this year.

El Salvador’s economy is performing poorly considering that its president Nayib Bukele recently won a landslide presidential election. His popularity belies an economy that has been blighted by high inflation, rising poverty and low growth.

DemirBank is Kyrgyzstan’s best bank in recognition of an impressive performance last year.

Baiduri Bank is again Brunei’s best bank, not just because of its impressive financial performance but also for its dedication to digital transformation.

For a small economy, Luxembourg boasts many banks: 120 were authorized in 2023. Many of these primarily serve international clients, in particular providing securities services to institutional investors from across Europe and beyond.

For Danske Bank, Denmark’s best bank, 2023 was a year of rehabilitation after a difficult period that culminated in the settlement in late 2022 of historic money laundering issues. With a strong financial performance that saw profits nearly double even after adjusting for the regulatory charges in 2022, the bank has come roaring back to life.

The recent move by Greek lender Eurobank to establish a majority stake in Hellenic Bank, Cyprus’ second largest bank, is a potentially transformational deal for the island’s banking sector. During the awards review period, however, it was still unclear when or if Eurobank would be able to merge its existing Cypriot business with Hellenic, but if it does, it could become the largest bank in the country.

Bank of Kigali is again Euromoney’s best bank in Rwanda this year.

Scotiabank has demonstrated remarkable consistency amid a very volatile economic period, reflecting the management team’s focus on initiatives to improve the productivity and efficiency of the bank.

The banking sector in DR Congo is undergoing transition. The central bank has proposed new ownership requirements for banks in the country, stipulating that they must have at least four unrelated shareholders. At the same time, large banks outside the country, such as Kenya’s KCB and Equity Bank, are eyeing the market as a potential growth opportunity – hardly surprising when less than a third of the DR Congolese population has a bank account.

Bank Mandiri, Indonesia’s largest bank by assets, achieved a record net profit of $3.6 billion in 2023, an impressive 34% year on year rise – the highest in the industry and significantly outpacing the other four tier-one banks. Led by president director Darmawan Junaidi, it retains the award for Indonesia’s best bank.

Raiffeisen Bank Kosovo is the country’s best bank after a year in which it introduced of a series of new and enhanced products across its banking businesses, materially grew its client base and generated a record net profit.

Banca Intesa Beograd had standout year in 2023, launching a number of key initiatives and delivering another set of record results.

Banks in Ghana have faced a difficult couple of years thanks to the government of Ghana’s debt default and domestic debt exchange programme announced in November 2022.

Dominican Republic president Luis Abinader’s election win was good news for state-controlled bank Banreservas because it ensures stability in senior management, led by the bank’s president Samuel Pereyra, at a time when it is on something of a roll.

Despite 2023 not being a year for the record books in investment banking and capital markets, clients still required careful and thoughtful advice even when they were not doing landmark deals. For its consistency and all-round excellence, JPMorgan takes the US award for best investment bank.

Cross-border transactions involving multiple products that combine advisory, equity and debt financing are the bread and butter of a franchise like RBC Capital Markets. The firm’s performance in 2023 makes it a worthy winner of the award for Canada’s best investment bank.

Kasikornbank (KBank) receives the award for Thailand’s best bank in in recognition of its commitment to enhancing asset quality in a challenging market and its dedication to sustainability initiatives.

Despite the overbearing presence in Hungary of national champion OTP – and the emergence in 2023 of a much larger government-owned lender in the form of MBH Bank – international firms continue to compete in the domestic market. The biggest of these international players is K&H Bank, owned by Brussels-based group KBC.

Panama had a solid 2023, with economic growth of 5%, but that belies the significant challenges that the country’s new president, José Raúl Mulino, will face. The closure of the country’s copper mine will add to the fiscal pressures that the increasing deficits from the country’s social pension system are creating. A drought has also affected the Panama Canal, a major revenue source for the government, and the economic outlook will likely get tougher from here.

Access Bank made profit before tax of N569 billion ($380 million) in 2023, a big improvement on the previous year's N163 billion. This was in part due to the devaluation of the naira in 2023, but was also driven by the bank’s aggressive expansion strategy, which has seen its footprint in Africa expand and the establishment of its first branch in France.

Benefiting from robust economic growth in the country, Uzbekistan’s banking sector continued its rapid expansion last year and one bank led the pack, SQB, the country’s second largest lender.

For HSBC, 2023 was an important year at its UK ring-fenced bank. This delivered its strongest set of results since it was created in 2018, with revenue coming in 36% higher than in 2022. That was in part thanks to higher rates and fat net interest margins, but also to key strategic decisions, such as to make growing market share in mortgages a priority.

New Zealand’s high interest rate cycle has significantly impacted borrowing demand and funding costs, marking the end of an era of record profits for banks. Despite these challenges, ASB Bank, owned by the Commonwealth Bank of Australia, has demonstrated resilience during the awards period and is New Zealand’s best bank.

Zambia National Commercial Bank (Zanaco) is again Euromoney’s best bank in Zambia. Profit before tax increased 44% year on year to KK1.74 billion ($65 million), including a 109% boost in the third quarter driven by income earned on government securities, trading and an uptick in net fees and commission.

If there was ever a time that demonstrated JPMorgan’s credentials as the country’s best bank, it was the crisis in March and April 2023 when US regional banks suddenly faced a balance sheet reckoning triggered by the rapid change in interest rates.

Even its rivals in Spain admit to feeling the impact last year as CaixaBank moved on from integrating Bankia to concentrating more exclusively on developing its business organically. This is evident, for example, in the savings market, where its customer funds increased by 3.1% in 2023. In insurance, a vital part of the group’s activities, there was also healthy growth, with a 7% volume growth in general and life risk premiums.

Equity Bank continued to grow its total assets in 2023, surpassing the KSh1 trillion ($7.7 billion) mark at the end of the year. The bank maintained a third of its consumer loans to salaried civil servants, teachers and private-sector employees at 13% interest, despite the central bank hiking rates much higher.