Awards for Excellence 2018: Best Bank in Mongolia
Best bank: Khan Bank
After a generally dismal 2016, Mongolia’s banks returned to health in 2017, none more so than Khan Bank, which was upgraded by Moody’s following the sovereign upgrade in January.
The bank delivered a 34.88% increase in net profits while increasing tier-1 capital by 22%. Return on equity climbed to 18.29%, the cost-to-income ratio dropped below 45%, and total assets have now topped Tug7 trillion ($2.87 billion).
The only black mark is a rising non-performing loan ratio that, in common with the industry, has been climbing since 2013. Efforts to keep this in check will be crucial.
Khan Bank stands out for its digital efforts in Mongolia; it now claims a 65% market share in cashless transaction volumes. Customers in Mongolia can now pay household bills through the bank’s smartphone banking application and the bank has the most self-service banking facilities in the country.