Recent negative headlines associated with Iran have overshadowed the more positive news surrounding the country's banking sector. Five of Iran's banks entered the highest movers category in this year's Top 1000, with the Export Development Bank of Iran topping the list. The bank leaped 579 places from 867 in last year's rankings to 288 this year. Its Tier 1 capital increased from $327m for calendar year 2007 to $2.1bn for year 2008. Bank Saderat Iran, Bank of Industry and Mine, Bank Pasagard and Bank Melli Iran also made it onto the list of highest movers. The boom in Islamic financing has undoubtedly benefited the sector, with Iranian Banks accounting for $235bn, or 37.5% of total sharia-compliant assets.
Elsewhere in the highest movers ranking, it was noticeable that Nigeria's upward surge has been somewhat stemmed. Whereas last year the country had four banks in the top movers category, two of which took the first and second spots, this year just two Nigerian banks made it into the category. Indian banks were strongly represented in the rankings, with nine of them featured in the highest movers list. This included Federal Bank, which surged 348 places to 497, on the back of Tier 1 capital growth of 185%.
It was a strong all-round showing for the emerging markets this year, with five Chinese banks and three Brazilian banks in the highest movers list. As with last year, few European banks made it into the ranking. African Bank from South Africa also warrants of a mention. It soared up the rankings this year, moving 318 places to 523, on the back of a 168% increase in Tier 1 capital from $344m to $922m.
Highest Movers 2007-2008
