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Despite increasing competition, Raiffeisen banka maintains its top billing in Serbia. On the retail front it boosted its customer base by 20% in 2007 to just short of 500,000, while growing its retail deposit and loan volumes by 32% and 26% respectively. There was a similarly strong performance in the corporate banking segment, with corporate lending rising by 24% to reach almost $1.2 billion, while deposits rose to $830 million. Raiffeisen banka was particularly successful in boosting its business with small and micro-sized enterprises, increasing its client base by 36% and its lending by 47% to reach $312 million. The bank also has a leading market position in the treasury business, accounting for a 19% share of foreign exchange trading for retail customers and 13.68% for banking clients. As a result of all these advances in 2007, the bank boosted its net profit by 60% and its return on equity climbed to 21.4% from 16.6% in 2006.

Kazkommertsbank (KKB) has more than double its assets and Bank TuranAlem (BTA) has a far superior net income but Halyk Bank takes the award for best bank in Kazakhstan thanks to its resilience in the face of global financial troubles. First-quarter net income fell by nearly 10% on the 2007 equivalent because of such issues as growing average rates on customer deposits and higher impairment charges on its loan portfolio, but other Kazakh banks have fared far worse. During the roadshow for Halyk’s successful $500 million benchmark Eurobond in April, the first for a Kazakh bank since July 2007, investors noted its "strong liquidity, low exposure to foreign debt, and its perception as the best bank in Kazakhstan". And there is ample evidence to support that sentiment. Halyk’s branches have reportedly remained busy, while KKB’s and BTA’s are much quieter. Credit lines have been shortened and cut at rival banks that have liquidity problems, which has pushed more business Halyk’s way. Between July and December last year, Halyk’s share of the domestic retail market grew from 19% to 21%, overtaking both KKB and BTA, which both lost market share over the same period. In the fourth quarter last year, Halyk’s deposits rose by 21.4%; KKB’s grew just 8.8%, and BTA’s grew not at all.

Banco Agrícola remains best bank in El Salvador, with net profit margins up 30.38% in the fourth quarter of 2007 compared with a year before. Net income totalled $237.2 million in 2007, an increase of $61.8 million on 2006 and total assets increased to $3.79 billion, up from $3.33 billion the year before.

Highly populated Rwanda is an attractive environment for banks, particularly as the ethnic problems are beginning to recede. Banque Commerciale de Rwanda is the most innovative bank in the country, expanding its network and growing its products. "This has been a good year," says David Kuwana, managing director of Banque Commerciale de Rwanda. "We have opened two new branches, developed a mortgage product, and have grown our Western Union network."

Danske Bank remains the dominant player of the Danish banking market, with almost one-third of the banking market and assets many times larger than its nearest rival. While others, such as second-placed Nordea and Jyske Bank may be growing more rapidly – Jyske Bank increased its core earnings by 14% in 2007 – Danske is no slouch either. Its assets grew around 14% in 2007 and shareholders have enjoyed a compound five-year growth rate in total equity of 11.86% – impressive for a bank that totally dominates its market – while return on equity is still a respectable 15.1%.

Nuevo Banco Comercial (NBC) is the largest commercial bank in Uruguay, with $1.4 billion in assets. The bank serves more than 200,000 retail and corporate customers and leads the credit card market.

International investors clearly still have faith in the growth prospects for banks in Kazakhstan, despite the fact that the global credit crunch has hit the country harder than arguably anywhere else in emerging Europe. In late June, Alnair Capital, a private equity group backed by capital from Abu Dhabi’s Sheikh Tahnoon Bin Zayed Al Nayhan, announced its intention to take a 25% stake in Kazkommertsbank, the country’s second-biggest bank by assets.

Bankers, analysts and investors based in Ho Chi Minh City barely pause for breath when asked to name Vietnam’s best commercial lender. Asia Commercial Bank again wins this award hands down. "ACB is a little more conservative than its closest rival, Sacombank, and way ahead of the others in the market," says a Ho Chi Minh City-based fund manager. A leader in broking, asset management and leasing, ACB posted unaudited gross profit of D1.76 trillion ($110 million), up nearly 300% year on year, with loans surging 87% over the same period to D32 trillion. The Ho Chi Minh City-based institution continued its performance into 2008, posting unaudited gross profit of D501 billion in the first quarter of the year.

Many hedge funds are significantly more hedged that they were one year ago, says Steve Gross, principal of Penso Capital Markets, a New York asset management and risk management firm.

"We’ve certainly seen some clients actively seeking out firms that have avoided the worst of the problems. I should say ‘there, but for the grace of God’... but the truth is, we’ve so far avoided massive write-downs and that’s allowed us to focus on our clients and their needs, and not have to be very focused on ourselves"

In October, Royal Bank of Canada (RBC) added Royal Bank of Trinidad and Tobago (RBTT) to its set-up in the Caribbean. The Canadian bank announced a $2.2 billion acquisition of RBTT Financial Group. RBTT started discussions with potential buyers in April 2007. These included Canadian rivals Scotiabank and CIBC, through its FirstCaribbean unit. RBC is paying 60% cash and 40% in RBC shares. The combined entity now boasts $13.7 billion in assets and 130 branches in 18 Caribbean countries and territories.

Political volatility, swaying on president Hugo Chávez’s whims, popular unrest, and a distinct lack of foreign investment have not scared off BBVA Banco Provincial. The Spanish bank’s subsidiary has ploughed on stoically, and despite the Venezuelan financial system having a new set of regulations on rates, legal reserve and commissions, as well as a liquidity decrease, BBVA Provincial reported record results this year.