Rising interest rates have contributed to an improved performance by financial institutions over the past 18 months, a report published this month by McKinsey Company, has revealed. However, in the context of heightened competition from nontraditional players and the emergence of private financing channels, the need for banks to pursue cost improvements where possible, has become increasingly vital.
The consultancy firm’s 2023 review of the global banking industry, titled “The Great Banking Transition”, highlights how interest rate hikes and their consequential impact on improved net interest margins have led to topline growth across banking sector profit, with 2023 results landing $280 billion above achieved profit for 2022....
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