EBL wins Best Domestic Bank award for 3rd year straight

FE Desk

Eastern Bank Limited (EBL) has been honoured with the prestigious 'Bangladesh's Best Domestic Bank 2023' award, bestowed by the esteemed financial and management publication Asiamoney.

EBL has clinched this accolade for the third consecutive year, as mentioned by a press release.

Ali Reza Iftekhar, the managing director and CEO of Eastern Bank Ltd, expressed his gratitude, saying, "It's a great honour for Team EBL and a testament to our strength and resilience. I would like to share this award with all our valued clients, stakeholders and patrons."

Amid surging global interest rates, runaway inflation and geopolitical upheaval, 2022 proved to be a challenging year for Bangladesh's financial system, reported Asiamoney. However, EBL's management maintained a clear focus on future growth and competitiveness.

The bank successfully navigated the global chaos by prioritising compliance, controlling costs, fostering product innovation, increasing internal productivity and strengthening customer service, it said.

According to the publication, EBL's exceptional performance is evident across various metrics. In 2022, net profits rose by 9.73 per cent year-on-year, while assets experienced a significant surge of 17.3 per cent. Moreover, Tier 1 capital reached 14.56 per cent. Last year, return on equity stood at 15.46 per cent and the non-performing loan ratio decreased to 2.78 per cent, down from 3.70 per cent in 2021.