An annual survey by McKinsey dives into the challenges to growth and profitability of European private banks. After a successful 2021, the industry is navigating an uncertain macroeconomic outlook and evolving client needs. 

For the second year in a row, Vancity has topped the annual Sustainable Banking Revenues league table, which looks at how much of banks’ overall revenue is being generated from sustainable lending, investments and underwriting. 

Lenders across the continent experienced pressure from high inflation and a strong US dollar in 2022.

Decline in revenue likely to continue into 2024, says Scope Ratings.

Despite the advance in the number of people accessing financial services in the region, those who have access to them still face struggles in terms of costs and indebtedness risk.

Global account-to-account transaction value surpassed $525bn in 2022 and is projected to grow at 13% to 2026. 

While net interest margins have peaked, the higher level of prevailing interest rates continue to play in the banks’ favour. 

Embracing digital transformation is now de rigueur for global transaction banks. This year, our winning banks are focused on delivering virtual, tailored products to meet their clients’ cash, liquidity and sustainability needs. 

Gulf lenders thrive while Egyptian banks feel the pressure. 

China’s digital banks have rocketed up The Banker’s best-performing table, overtaking the mega state-owned lenders.