EBL wins Asiamoney’s ‘Best Domestic Bank’ award

Eastern Bank Limited (EBL) has been honoured as Bangladesh's "Best Domestic Bank 2022" by Asiamoney, a global financial publication.

The bank has received the prestigious recognition for two years in a row, said a press release.

"We are really honoured and inspired by the award from Asiamoney for the second consecutive year.  We consider it as a recognition of our continuous team efforts in achieving excellence and resilience in any adverse situation," said Ali Reza Iftekhar, managing director and CEO, EBL.

"Previously, Euromoney recognised EBL as the "Best Bank in Bangladesh". However, these recognitions in no way can make us complacent in this dynamic and competitive world.   EBL is constantly investing in technology and innovation to provide its customers with the most advanced banking products and services."

During the challenging period of Covid-19 pandemic, Eastern Bank made a few strategic moves to rein in operating costs, leverage strong growth in traffic on its digital platforms and social media channels, and offer new and innovative services through the bank's mobile apps, reads the media release.

In 2021, EBL's tier-1 capital rose 11.4%, year on year, to Tk26.1 billion and overall assets jumped 15.4% to Tk388.8 billion. Net profits rose 13.5% in 2021 and return on equity was 15.5%, up from 15% in 2020. In 2021 the bank declared a 35% dividend to shareholders, the highest in Bangladesh's banking industry.

The bank fine-tuned numerous features, from chatbots to QR payment solutions and online account opening services, with some of south Asia's most advanced know-your-customer and biometric toolkits, in 2021. 

EBL Skybanking app observed a 400% surge in transactions in 2021. The platform is playing a crucial role in improving customer experience and relieving pressure on the branch network. Skybanking gives users hassle-free, secure and economical banking-from-home capabilities.

Eastern Bank impressively attuned to the social-media energy to run its online campaigns on everything from new services to improving financial literacy. It has also leveraged social media to get the word out about Eastern Bank's leading role in supporting green businesses, sustainable finance and reducing Bangladesh's carbon footprint.

Asiamoney identifies which bank in each market has excelled across a range of core banking activities over the past 12 months.