The fourth-biggest bank in Portugal, which has been fully owned by Spain’s CaixaBank since the end of 2018, saw an exceptional performance in 2023. After record results for the firm across the board, Banco BPI is clear winner of the award for Portugal’s best 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.

Some analysts were quick to call it the deal of the century. The first takeover of a global systemically important bank that repeated management errors and regulatory failure had brought to the brink of collapse was a rescue by its domestic rival. It was a humiliation for Switzerland that, with customers pulling their money in vast quantities over several months, Credit Suisse was left to carry on to the very brink of insolvency.

SEB, a regular winner of this award, certainly did not rest on its laurels in 2023, posting strong financial results and was able to boast a host of developments across its franchises. For its consistently dominant performance, it is once again Sweden’s best bank.

The banking environment in Tunisia worsened last year due to the absence of a financing package to meet the government’s funding needs. This led to Moody's downgrading four banks in January 2023 because of the sovereign downgrade. The agency changed its outlook on the sector to stable in January 2024.

Lithuanian banks successfully shrugged off a stagnating economy and the government’s windfall tax last year to double net profits.

A spike in Armenian bank M&A this year has underscored the growth opportunity for banks in the local market. The country’s best bank, Ameriabank, was bought by Bank of Georgia earlier this year, and Ardshinbank is in the process of acquiring HSBC Armenia.

MUFG, Japan’s largest bank, had an excellent financial year in the 12 months to March 2024, setting new records for the group.

Croatia’s entry into the euro in January 2023 was a landmark event for the country’s banking sector, which is dominated by banks from elsewhere in the European Union.

Giving state-owned lenders awards for commercial banking is typically something Euromoney is reluctant to do, especially in former Communist countries. But anyone who knows Ukraine knows that PrivatBank is not your average former Soviet state-owned bank.

Established in 1947 as Pakistan’s first commercial bank, HBL has consistently been at the forefront of the banking industry’s evolution. Last year, it solidified its position as a trailblazer, delivering impressive financial results while demonstrating its commitment to innovation. In recognition of this it receives the award for Pakistan’s best bank.

Like in the neighbouring Czech Republic, foreign groups own all five of Slovakia’s top five banks. And like in the Czech Republic and elsewhere, higher interest rates have brought higher profits – and new taxes on banks, in Slovakia’s case following the formation of a new government in October last year.

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.

UOB retains the title of Singapore’s best bank, bolstered by resilient financial performance and a strengthened network across southeast Asia. Under the leadership of chief executive Wee Ee Cheong, the bank devised a three-year plan in 2023 to become the foremost bank in southeast Asia, and it is well on its way to delivering on that aim.

The Guatemalan economy had a turbulent time in 2023. The election of Bernardo Arevalo in early 2024 should improve relations with the US and potentially lift the country’s economic outlook, but the social challenges that have plagued Guatemala through times of economic expansion and contraction alike are resistant to superficial measures.

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.

The Belgian government’s retail bond programme last year, which pressured lenders to raise deposits, was just one element of a relatively tough environment for banks in Belgium. The country also sits at the opposite end of the spectrum to southern Europe in terms of the proportion of loans on floating-rate deals, meaning local banks benefit less from higher eurozone interest rates.

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.

Raiffeisen Bank is Albania’s best bank this year in recognition of its retail, corporate and treasury banking services, and its strong financial performance during the year. This was demonstrated across product and service enhancements in its main three banking businesses.

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.

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.

For many US regional banks, the priority in the first part of 2023 was simply survival. But for the very best, ambitions went much further than that. For its excellent financial performance, the product of wise decisions made years ago and the continued execution of an impressive strategy, Fifth Third is the US's best super-regional bank.

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.

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.

Ecobank Sierra Leone recorded double-digit growth in its commercial banking operations last year, with gross loans to business customers up by 45% to $11.8 million. Customer deposits were up by 3%, reaching $25.7 million.

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.

The Palestinian economy was already slowing ahead of the October 7 attacks, but the situation has deteriorated sharply since then. Growth had fallen by 3% year on year across the territories in the first half of the year and by 4.4% in Gaza itself.

For Israel’s banks, 2023 was a story of two distinct parts: the months prior to the Hamas attacks on October 7; and those after.

Arab Bank, under the leadership of chief executive Randa Sadik, had another good year in Jordan despite acute geopolitical risks, surging inflation and unprecedented increases in interest rates.

Kuwait Finance House (KFH) is Euromoney’s best bank in the country this year, following a record-setting financial performance and the consolidation of Ahli United Bank Kuwait.