EBL wins Euromoney Best Bank award

Eastern Bank PLC (EBL), wins Euromoney Best Bank award in two categories: 'Best Bank' and 'Best Bank for Corporate Responsibility' at the prestigious Euromoney Awards for Excellence 2024 held in London recently.  

EBL is the first Bangladeshi bank to receive the coveted award for the fifth time, reads a press release.

In 2023, Eastern Bank's net profit surged by 19.6%, while its assets grew by 11.5%, showcasing the bank's resilience and strategic prowess. The bank's return on equity improved significantly to 16.3%, up from 15.5% in 2022, reflecting its strong financial health and efficient management.

The retail loan segment witnessed significant growth, driven by the success of EBL's home loan and personal loan offerings. The bank made substantial inroads in the home loan market, acquiring over 6,000 new home loan clients. Similarly, the SME business loan portfolio expanded by 19% in 2023. EBL's payroll successfully onboarded 292 new companies and established over 33,000 payroll accounts.

The bank's focus on automation played a crucial role in enhancing customer satisfaction by streamlining processes and reducing turnaround times. EBL implemented QR transactions enabling customers to initiate transactions seamlessly by scanning QR codes through the bank's app. Additionally, the bank introduced Digi-Remit services facilitating efficient remittance collection.

In terms of corporate social responsibility (CSR) in 2023, the bank's board approved a policy to allocate 2% of its latest distributed profits to CSR initiatives annually. However, EBL exceeded this target, committing Tk6.1 billion to various CSR programmes, a 20% increase from 2022.

For over 30 years, Euromoney has recognised the banks and bankers that have demonstrated their differentiation.  Nearly 600 banks enter the Awards for Excellence every year, making it the most comprehensive award programme in the industry. The Awards for Excellence are truly global, with banks from over 100 countries entering each year.