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AwardsBest Bank Awards

Mongolia's best domestic bank 2020: Khan Bank

Khan Bank

John Bell, Khan Bank.jpg
John Bell, Khan Bank

Khan Bank has a vice-like grip on this award, and for good reason. Its stranglehold on a vast but thinly populated market is all but complete: most parents open up an account at Khan when their child is still in the womb.

It accounted for more than 30% of all system-wide bank deposits at the end of June 2020, and over 90% of mobile payments. The coronavirus pandemic has crimped margins but only a little. Pre-tax profit fell 10% year on year to Tug163.3 billion ($57.2 million) in the third quarter of 2020, while net interest income dipped 2.5% to Tug307.9 billion over the same period. That’s not bad, given that Fitch expects the economy to contract 2% in 2020, before expanding 7.9% in 2021.

Khan Bank’s total capital ratio of 20% at the end of the first half put it ahead of its peers, Fitch said in a report issued in August.