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Presenting annual earnings in early February 2024, Frank Vang-Jensen had good reason to be delighted with the 2023 performance of the bank he leads as chief executive. After another year in which Nordea strengthened its profile in all four of its main markets, including performing strongly in its home country, the bank again wins the award for Finland’s best bank.

The French bank has made steady progress in this business over the last decade and last year was a strong period of new mandates and client expansion.

First Bank of Nigeria (FirstBank) wins the best bank for corporates award this year for its investment in digital, support of sustainability and the financial performance it has delivered.

With economic growth softening in Trinidad and Tobago – this year GDP is expected to come in at 2.2% compared to 2.5% in 2023 – Scotiabank continues to outperform other banks in the local market. Led by country manager Gayle Pazos, Scotiabank’s focus on digital transformation saw improvements in its platform relating to accessibility upgrades and security enhancements. The significant investment from the bank in this area over the past three years is helping to deliver efficiency and, in turn, stronger financial results.

Nicaragua’s economy suffered a rapid deceleration from the 10% growth rate it experienced in the immediate post-pandemic reopening. Political and economic volatility impacted the financial system and there was distinct evidence of a risk-off attitude to loan growth from most of the country’s main banks.

It has been a great time to be a Greek banker. Rating agencies returned the sovereign to investment grade in 2023 and the country’s lenders, having reduced non-performing loans and cost of risk while rebuilding capital ratios, also delivered improved profits.

Crédit Agricole CIB demonstrated its global capabilities and expertise in sustainability for Hong Kong clients last year, structuring and executing several transactional firsts as well as supporting the growth and development of the broader market.

The bank’s chief executive has led from the front to create an institution that is more diverse and better reflects the society in which it works.

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.

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.

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.

While Mexico is at the centre of the nearshoring debate, Costa Rica is quietly getting the job done. In 2023 the country attracted foreign direct investment inflows equal to 12% of its economy, which in turn drove economic growth above 5%. Costa Rica has long been an appealing place to develop service companies that sell into the US, including 170 shared service centres that perform back office and strategic operations for parent companies.