Global Banking In Best Performance Since 2007 

Global Banking In Best Performance Since 2007 

Author: Africa Business Radio October 16, 2023 Duration: 25:50
News Express
Business
Global Banking Posted its best performance in the last 18 months since 2007 on the back of sharp increases in interest rates in many advanced economies, including a 500-basis-point rise in the United States, a world review of the banking sector by global management consulting firm McKinsey, has shown.
McKinsey’s just published “Global Banking Annual Review 2023: The Great Banking Transition”, found that on average global banking saw “long-awaited improvement in net interest margins” enabled by higher interest rates which boosted profits by about $280 billion in 2022, lifting return on equity by 12 per cent in the same year with a projection that this will post higher at 13 per cent at the end of 2023.

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