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Denmark I Estonia I Finland I Iceland I Latvia I Lithuania I Norway I Sweden The choice of Danske Bank as best bank in Denmark in 2005 is relatively straightforward. In 2005, Denmark’s largest bank posted the best results in its history, with net profits rising from Dkr 9.3 billion to Dkr12.82 billion ($2.16 billion), earnings per share expanding by 42% and the cost-income ratio falling marginally from 52.7% to 52.2%. Granted, Danske’s earnings in 2005 were bolstered by a one-off gain of Dkr1.6 billion in 2005, but the impressive performance continue in the first quarter of 2006 when the bank reported better than expected profits.

Denmark I Estonia I Finland I Iceland I Latvia I Lithuania I Norway I Sweden Hansabank officially became a wholly owned subsidiary of Swedbank at the start of July 2005, and the Swedish bank has good reason to celebrate the inclusion in its portfolio of a leading player not just in Estonia but across the Baltic region. In spite of a significant decrease in lending margins brought about by increased competition in 2005, Hansabank’s cost-income ratio remained broadly unchanged while the dip in its return on equity has been marginal. Heightened competition in the Estonian market has left Hansabank’s commanding market shares stable, with mortgage, corporate and retail lending expanding by 82%, 50% and 63%, respectively, in 2005.

Bahamas I Bardados I Bermuda I Dominician Republic I Jamaica I Trinidad & Tobago I Costa Rica I El Salvador I Guatemala I Honduras I Nicaragua I Panama I Argentina I Bolivia I Brazil I Chile I Colombia I Ecuador I Mexico I Paraguay I Peru I Uruguay I Venezuela

Austria I Belguim I France I Germany I Greece I Ireland I Italy I Luxembourg I Netherlands I Portugal I Spain I Switzerland I United Kingdom Fortis Banque Luxembourg continues to show impressive growth. The bank’s drive to attract more deposits has been successful, most conspicuously in bancassurance products and investment funds, where growth has been in double digits. The bank has also impressively grown its consumer loan and leasing business, which last year increased by a remarkable 67.3%.

Bahamas I Bardados I Bermuda I Dominician Republic I Jamaica I Trinidad & Tobago I Costa Rica I El Salvador I Guatemala I Honduras I Nicaragua I Panama I Argentina I Bolivia I Brazil I Chile I Columbia I Ecuador I Mexico I Paraguay I Peru I Uruguay I Venezuela Political risk is high in Venezuela and is likely to increase as the economy becomes more regulated. Compulsory lending requirements on banks and capital controls have made operating extremely difficult and have left privately owned banks vulnerable to a deterioration in their balance sheets. But that has not discouraged Banco Mercantil, Venezuela’s largest bank, which has a 16% market share and subsidiaries in the US and Europe. Helped by growing government banking business, a strong economy boosted by high oil prices and the sale of its stake in Colombia’s Bancolombia, Banco Mercantil posted earnings of $340 million last year, nearly double that of 2004, while its assets rose 27% to $11 billion and deposits jumped 41%.

Austria I Belguim I France I Germany I Greece I Ireland I Italy I Luxembourg I Netherlands I Portugal I Spain I Switzerland I United Kingdom Although some of Credit Suisse’s most high profile strategic readjustments, such as the rebranding of its businesses under the one Credit Suisse name, appear to be a direct copy of local nemesis UBS’s recent strategies, the results, if not their originality, have been impressive.

Austria I Belguim I France I Germany I Greece I Ireland I Italy I Luxembourg I Netherlands I Portugal I Spain I Switzerland I United Kingdom Royal Bank of Scotland is Euromoney’s choice for best bank in the UK because, unlike many of its peers, both its retail and wholesale businesses are strong and making progress.

Bahamas I Bardados I Bermuda I Dominician Republic I Jamaica I Trinidad & Tobago I Costa Rica I El Salvador I Guatemala I Honduras I Nicaragua I Panama I Argentina I Bolivia I Brazil I Chile I Colombia I Ecuador I Mexico I Paraguay I Peru I Uruguay I Venezuela

Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe Zambia’s economy grew at a strong 5.1% in 2005 as copper prices rose, boosting earnings from the country’s number one export. This growth has failed to make much of a dent in the massive public sector debts the country has incurred since independence in 1964 and the government has similarly failed to reduce unemployment, estimated to be 50%, or stem inflation, which averaged 19% in 2005. Nevertheless, it has produced a strong backdrop for banks operating in the country.

Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe President Robert Mugabe’s policies continue to severely undermine the Zimbabwean economy. Having dramatically reduced export earnings through the destruction of viable agricultural production in a botched land redistribution programme, he turned his attention to urban areas last year with disastrous consequences: the homes and businesses of around 700,000 people – most of whom were political opponents – were destroyed.

Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe The Tanzanian economy performed strongly in 2005 – real GDP growth was 6.8% – giving some hope to a population of more than 37 million with one of the world’s lowest per capita GDP figures at just $700 in 2005. Moreover, the government appears to be on the right track, with banking sector reforms steadily increasing investment in the sector and an internationally assisted regeneration programme established to rebuild the country’s shattered industrial infrastructure. The economy is expected to grow strongly in 2006 despite a severe drought earlier this year.

Albania I Belarus I Bosnia & Herezegovina I Bulgaria I Croatia I Czech Republic I Georgia I Hungary I Poland I Romania I Russia I Serbia I Slovakia I Slovenia I Turkey I Ukraine There is always little to split the big three of CSOB, Ceska Sporitelna and Komercni Bank for the best bank in the Czech Republic award. This year, Ceska Sporitelna claims it, thanks to its impressive net interest revenue of $755 million, higher than that of its larger competitor, CSOB. The bank also showed an impressive return on equity of 21.7%.