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With a return on assets of 3.6% and a return on equity of 32.6%, Doha Bank had one of the best performance ratios in the region in 2007. The bank’s development as one of the Middle East’s finest is a result of continuous improvement over a number of years. For example, it has posted a four-fold growth in shareholder equity and a seven-fold increase in annual net profit over the past five years.

Thailand’s political climate is somewhat more settled than when this award was given last year, but rising energy costs and inflation worries mean a tough economic environment. There are positive signs in the banking sector, though, and the winner of this year’s award for best bank, Siam Commercial Bank, has shown strong growth. The bank, the country’s third largest by assets, posted the highest growth rate among Thai banks in 2007, with net profits up 31%. Having raised lending rates in June this year in response to economic concerns, SCB might struggle to repeat a stellar first quarter in which it posted record profits of Bt6.79 billion ($204 million – up 68.7% quarter on quarter), but its performance over the past 12 months has been strong.

After winning this award in 2006 and 2007, Bank of Georgia continues to affirm its position as Georgia’s leading financial institution with yet another year of stellar performance. Deposits grew 142.2% to $851.6 million, and outstanding mortgages rose 103.5% to 4,230, an increase in the value of those mortgages of 187.2%, to nearly $150 million. In the retail division, revenue per employee rose by a half.

The funding crisis that has affected many other global banks since the summer of 2007 started early in Iceland, and has been especially severe for banks there. Domestically, the banks face a slowing economy and rocketing inflation. Externally, investors continue to fret about Icelandic banks’ business model and rapid growth. The largest of Iceland’s three commercial banks, Kaupthing Bank, is best placed to meet the challenges faced by the sector.

This award is always one of the most tightly contested and this year is no exception. What stands out over the past 12 months is how well Lebanon’s leading banks have fared given the difficult political situation there. But then, unfortunately, they have plenty of experience of operating in such an unpropitious environment.

Central and eastern Europe’s newest country can count on one of the region’s most experienced banks to deliver high-quality financial services. Raiffeisen Bank has established a strong market position: it leads in retail, corporate and SME lending volumes. In 2007, total lending at Raiffeisen rose almost 50% from €222 million to reach €330 million. The bank is also playing a leading role in attracting money into the official economy, with total deposits rising to €396 million from €310 million. The bank is profitable as well as important to economic and social development, with net profit rising from €10.79 million in 2006 to €14.68 million in 2007.

'The Black Swan: The Impact of the Highly Improbable' is an excellent read, but anyone who talks about the credit crunch in these terms is not being intellectually honest.

Ghana Commercial Bank is the largest local bank in the country. It was set up in 1953 to help local entrepreneurs and now has nearly 140 branches throughout the country. Despite strong competition from Nigerian entrants to the market, as well as more traditional rivals such as Barclays and Standard Chartered – last year’s winner – the GCB has posted impressive figures, making a net profit of C25 million ($22.9 million) for the year ending 2007, while shareholder funds have increased to C167 million.

Goldman Sachs

Every cloud has a silver lining. With the international debt markets only now open to a select few Russian corporates, and with many Russian banks strapped for cash, there are plenty off opportunities for asset managers to lend to strong corporate credits at distressed debt-type margins.

Not only is Bancolombia the only Colombian bank to have a level-three ADR programme with shares listed in New York, it also successfully raised a further $445 million of equity in July last year through this programme. These shares offer a rare opportunity for investors to gain exposure to Colombia. These funds, along with $590 million in loans, were earmarked to pay for Bancolombia’s acquisition of Salvadorean bank Banco Agricola Comercial de el Salvador.