Eastern Bank recently won awards in two categories at the “Euromoney Awards for Excellence 2024” held in London. The categories are “Best Bank” and “Best Bank for Corporate Responsibility”.
Eastern Bank is the first bank in Bangladesh to receive the coveted “Best Bank” award for the fifth time, according to a press release. In 2023, the bank’s net profit surged 19.6 percent while its assets grew 11.5 percent, showcasing the bank’s resilience and strategic prowess.
The bank’s return on equity improved significantly to 16.3 percent, up from 15.5 percent in 2022, reflecting its strong financial health and efficient management. The retail loan segment witnessed significant growth, driven by the success of Eastern Bank’s home loan and personal loan offerings.
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The bank made substantial inroads in the home loan market, acquiring over 6,000 new home loan clients. Similarly, the SME loan portfolio grew 19 percent in 2023. The bank 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.
Eastern Bank also implemented QR transactions, enabling customers to initiate transactions seamlessly by scanning QR codes through the bank’s app.
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Additionally, the bank introduced “Digi-Remit” services to facilitate efficient remittance collection. In terms of corporate social responsibility (CSR) in 2023, the bank’s board approved a policy to allocate 2 percent of its latest distributed profits to CSR initiatives annually.
However, the bank exceeded this target, committing Tk 6.1 billion to various CSR programmes, a 20 percent increase from 2022.
For over 30 years, Euromoney has recognised banks and bankers. Nearly 600 banks enter the “Awards for Excellence” every year, making it the most comprehensive awards programme in the industry.
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