Mongolia's best domestic bank 2023: Golomt Bank
Golomt Bank takes the best domestic bank award for Mongolia this year in recognition of its financial performance and efforts to improve sustainability and diversity.
At Tug116.5 billion ($34 million), profit at the bank for 2022 was a full 349% higher year on year, while assets grew by 12.4%. The non-performing loan ratio stood at just over 6%.
The bank listed during the awards period in order to comply with new banking regulations, raising Tug118.8 billion in a deal that was the market’s largest for more than 30 years.
Golomt has also focused on sustainability and diversity. In the former area, it has provided green housing loans based on international EDGE standards for diversity, equity and inclusion, and became the first to introduce eco-car loan products to the market. In the latter space, it backed over 200 female entrepreneurs with loans.
The bank has also improved its digital offering, most notably launching the country’s first digital wallet, SocialPay.