Bank Z-score by country
It captures the probability of default of a country's banking system. Z-score compares the buffer of a country's banking system (capitalization and returns) with the volatility of those returns. It is estimated as (ROA+(equity/assets))/sd(ROA); sd(ROA) is the standard deviation of ROA. ROA, equity, and assets are...
Countries reporting
170
Highest
51.67
Luxembourg
Lowest
1.28
Iceland
Median
15.34
Years covered
22
2000–2021
Data points
3,302
What the numbers show
Bank Z-score is currently reported for 170 countries. The highest value is 51.67 in Luxembourg; the lowest is 1.28 in Iceland.
The median across all reporting countries is 15.34, and the mean is 16.97.
The gap between the highest and lowest reporting country is a factor of about 40.
Over the past decade 93 countries rose and 75 fell. The largest increase was in Greece (up 3,647.6%), and the largest decrease in Macao (down 49.6%).
Bank Z-score: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Luxembourg | 51.67 | 2021 | up 50.7% | rising |
| 2 | Jordan | 50.11 | 2021 | down 17.0% | rising |
| 3 | New Zealand | 44.78 | 2021 | up 31.8% | rising |
| 4 | Morocco | 42.4 | 2021 | up 12.3% | rising |
| 5 | Turkmenistan | 40.62 | 2019 | — | falling |
| 6 | Panama | 40.39 | 2021 | up 13.4% | flat |
| 7 | Sweden | 39.35 | 2021 | up 49.2% | rising |
| 8 | Tunisia | 38.68 | 2021 | up 28.1% | flat |
| 9 | Iraq | 37.25 | 2021 | up 66.1% | rising |
| 10 | Mongolia | 36.25 | 2021 | up 27.9% | rising |
| 11 | Sri Lanka | 35.09 | 2021 | up 0.2% | flat |
| 12 | Fiji | 33.01 | 2021 | up 25.4% | rising |
| 13 | Dominican Republic | 32.58 | 2021 | down 0.1% | flat |
| 14 | Libya | 32.05 | 2020 | down 37.5% | flat |
| 15 | United States | 31.06 | 2021 | down 7.7% | rising |
| 16 | Austria | 30.91 | 2021 | up 30.6% | rising |
| 17 | Guatemala | 30.72 | 2021 | up 0.7% | rising |
| 18 | Israel | 29.3 | 2021 | up 0.2% | rising |
| 19 | Andorra | 29.14 | 2020 | down 11.5% | falling |
| 20 | Nepal | 28.87 | 2021 | down 3.5% | rising |
| 21 | Singapore | 28.63 | 2021 | down 13.8% | rising |
| 22 | Honduras | 28.6 | 2021 | down 4.2% | flat |
| 23 | Sudan | 27.59 | 2012 | up 51.8% | rising |
| 24 | Cape Verde | 27.09 | 2021 | up 36.3% | rising |
| 25 | Cambodia | 26.77 | 2021 | down 6.8% | flat |
| 26 | Denmark | 26.42 | 2021 | up 81.2% | rising |
| 27 | Guyana | 26.12 | 2021 | up 27.1% | rising |
| 28 | Guinea | 25.44 | 2020 | up 70.9% | rising |
| 29 | Nicaragua | 25.13 | 2021 | up 52.5% | rising |
| 30 | China | 25.02 | 2021 | up 34.3% | rising |
| 31 | Afghanistan | 24.92 | 2021 | up 31.3% | falling |
| 32 | Algeria | 24.82 | 2020 | up 29.0% | rising |
| 33 | Eswatini | 24.42 | 2019 | down 0.9% | rising |
| 34 | Saudi Arabia | 24.37 | 2021 | up 19.9% | rising |
| 35 | Philippines | 24.13 | 2021 | up 11.7% | falling |
| 36 | Mexico | 23.75 | 2021 | up 62.6% | rising |
| 37 | Namibia | 23.72 | 2021 | down 11.5% | falling |
| 38 | Mauritania | 23.53 | 2020 | down 12.0% | falling |
| 39 | Kenya | 23.23 | 2021 | up 13.7% | rising |
| 40 | Cuba | 22.45 | 2020 | up 88.9% | rising |
| 41 | United Arab Emirates | 22.29 | 2021 | down 12.0% | falling |
| 42 | Tanzania | 22.18 | 2021 | up 52.1% | rising |
| 43 | Rwanda | 21.42 | 2021 | down 1.0% | rising |
| 44 | Trinidad and Tobago | 21.36 | 2021 | up 1.7% | rising |
| 45 | Malaysia | 20.72 | 2021 | down 0.1% | rising |
| 46 | Egypt | 20.6 | 2021 | up 17.0% | rising |
| 47 | El Salvador | 20.57 | 2021 | down 27.9% | rising |
| 48 | Macao | 20.26 | 2021 | down 49.6% | falling |
| 49 | Lebanon | 20.19 | 2021 | up 8.7% | rising |
| 50 | France | 19.98 | 2021 | up 32.0% | flat |
| 51 | Hong Kong | 19.75 | 2021 | up 34.7% | falling |
| 52 | Oman | 19.64 | 2021 | up 26.7% | rising |
| 53 | Costa Rica | 19.61 | 2021 | down 8.6% | falling |
| 54 | Laos | 19.48 | 2021 | up 131.1% | flat |
| 55 | India | 19.44 | 2021 | up 15.1% | rising |
| 56 | Albania | 19.06 | 2021 | down 14.0% | rising |
| 57 | Cote d'Ivoire | 19.02 | 2021 | down 2.1% | falling |
| 58 | Slovakia | 18.93 | 2021 | down 16.2% | rising |
| 59 | Bermuda | 18.73 | 2021 | down 26.0% | falling |
| 60 | Burundi | 18.7 | 2021 | up 13.0% | rising |
| 61 | Qatar | 18.46 | 2021 | down 34.2% | falling |
| 62 | Malta | 18.41 | 2021 | down 20.3% | falling |
| 63 | United Kingdom | 18.11 | 2021 | up 99.0% | rising |
| 64 | Taiwan | 17.83 | 2021 | up 4.9% | rising |
| 65 | Yemen | 17.67 | 2019 | down 14.9% | rising |
| 66 | Cayman Islands | 17.26 | 2016 | up 1.8% | falling |
| 67 | Paraguay | 17.13 | 2021 | up 11.6% | flat |
| 68 | Belarus | 17.12 | 2021 | up 20.0% | falling |
| 69 | Finland | 17.11 | 2021 | up 102.9% | flat |
| 70 | Djibouti | 16.97 | 2019 | up 51.0% | rising |
| 71 | Peru | 16.94 | 2021 | down 3.5% | rising |
| 72 | Lesotho | 16.92 | 2021 | up 4.2% | rising |
| 73 | Spain | 16.92 | 2021 | up 14.5% | flat |
| 74 | Uganda | 16.68 | 2021 | up 18.7% | rising |
| 75 | Gabon | 16.63 | 2019 | up 42.3% | rising |
| 76 | Kuwait | 16.58 | 2021 | down 12.2% | rising |
| 77 | Brazil | 16.35 | 2021 | up 11.4% | flat |
| 78 | Portugal | 16.09 | 2021 | up 69.5% | rising |
| 79 | Germany | 16.05 | 2021 | up 39.6% | rising |
| 80 | Senegal | 15.87 | 2020 | down 10.8% | flat |
| 81 | Angola | 15.55 | 2021 | up 48.3% | rising |
| 82 | Jamaica | 15.48 | 2021 | down 37.7% | rising |
| 83 | South Africa | 15.46 | 2021 | up 5.4% | falling |
| 84 | Belgium | 15.45 | 2021 | up 59.7% | rising |
| 85 | Tajikistan | 15.34 | 2021 | up 77.4% | rising |
| 86 | Switzerland | 15.34 | 2021 | up 21.2% | rising |
| 87 | Bosnia and Herzegovina | 15.29 | 2021 | down 14.4% | rising |
| 88 | Maldives | 14.79 | 2020 | — | falling |
| 89 | Antigua and Barbuda | 14.74 | 2007 | down 19.4% | falling |
| 90 | Vietnam | 14.66 | 2021 | down 12.6% | rising |
| 91 | Kyrgyzstan | 14.62 | 2021 | down 23.0% | falling |
| 92 | Malawi | 14.51 | 2021 | down 17.4% | rising |
| 93 | Niger | 14.38 | 2019 | down 3.0% | rising |
| 94 | Australia | 14.15 | 2021 | down 1.7% | rising |
| 95 | Madagascar | 14.06 | 2020 | up 8.9% | rising |
| 96 | Barbados | 13.96 | 2021 | down 5.8% | flat |
| 97 | Ghana | 13.92 | 2021 | up 17.9% | rising |
| 98 | Canada | 13.85 | 2021 | down 1.9% | falling |
| 99 | Bahamas | 13.23 | 2021 | down 13.0% | rising |
| 100 | Italy | 13.17 | 2021 | up 9.0% | falling |
| 101 | Netherlands | 13.04 | 2021 | up 82.3% | volatile |
| 102 | Japan | 12.86 | 2021 | down 18.1% | rising |
| 103 | Mali | 12.83 | 2020 | down 21.5% | falling |
| 104 | Bangladesh | 12.78 | 2021 | down 34.0% | flat |
| 105 | Venezuela | 12.7 | 2021 | up 57.8% | flat |
| 106 | Norway | 12.57 | 2021 | up 65.2% | rising |
| 107 | Bhutan | 12.46 | 2021 | down 46.0% | falling |
| 108 | Armenia | 12.32 | 2021 | down 30.3% | falling |
| 109 | Nigeria | 12.19 | 2021 | down 18.7% | flat |
| 110 | Benin | 11.9 | 2019 | down 16.8% | falling |
| 111 | Ethiopia | 11.56 | 2021 | up 29.1% | flat |
| 112 | Haiti | 11.55 | 2021 | up 5.1% | rising |
| 113 | Uzbekistan | 11.21 | 2021 | up 56.8% | falling |
| 114 | San Marino | 11.2 | 2017 | down 6.9% | falling |
| 115 | Curacao | 11.01 | 2021 | down 2.6% | falling |
| 116 | Ireland | 10.99 | 2021 | up 107.1% | volatile |
| 117 | Mauritius | 10.95 | 2021 | down 38.0% | falling |
| 118 | Gambia | 10.93 | 2020 | down 8.6% | falling |
| 119 | Cameroon | 10.59 | 2020 | up 9.8% | flat |
| 120 | Seychelles | 10.41 | 2020 | down 32.4% | falling |
| 121 | Serbia | 10.35 | 2021 | down 25.0% | flat |
| 122 | Romania | 10.34 | 2021 | up 2.1% | falling |
| 123 | Czechia | 10.34 | 2021 | down 3.9% | rising |
| 124 | South Korea | 10.19 | 2021 | down 15.7% | rising |
| 125 | Liberia | 9.72 | 2021 | up 44.5% | rising |
| 126 | Togo | 9.57 | 2019 | down 13.2% | falling |
| 127 | Burkina Faso | 9.56 | 2020 | up 13.3% | flat |
| 128 | North Macedonia | 9.52 | 2021 | up 3.3% | falling |
| 129 | Ecuador | 9.51 | 2021 | down 11.8% | rising |
| 130 | Argentina | 9.08 | 2021 | up 29.3% | rising |
| 131 | Botswana | 9 | 2021 | up 6.9% | rising |
| 132 | Montenegro | 8.93 | 2021 | up 21.8% | falling |
| 133 | Zambia | 8.86 | 2021 | down 0.8% | rising |
| 134 | Pakistan | 8.85 | 2021 | down 4.0% | rising |
| 135 | Syria | 8.79 | 2021 | up 190.8% | volatile |
| 136 | Moldova | 8.72 | 2021 | down 15.3% | falling |
| 137 | Suriname | 8.66 | 2019 | down 14.1% | falling |
| 138 | Estonia | 8.42 | 2021 | down 27.7% | flat |
| 139 | Chad | 8.42 | 2016 | down 32.9% | falling |
| 140 | Bolivia | 8.32 | 2021 | down 31.5% | falling |
| 141 | South Sudan | 8.1 | 2019 | up 130.3% | rising |
| 142 | Zimbabwe | 8.08 | 2021 | up 61.4% | rising |
| 143 | Georgia | 7.91 | 2021 | up 2.0% | falling |
| 144 | Thailand | 7.88 | 2021 | up 15.6% | rising |
| 145 | Bulgaria | 7.87 | 2021 | down 9.1% | falling |
| 146 | Bahrain | 7.81 | 2021 | up 8.5% | rising |
| 147 | Myanmar | 7.59 | 2021 | up 1,316.5% | volatile |
| 148 | Chile | 7.45 | 2021 | down 15.1% | falling |
| 149 | Croatia | 7.39 | 2021 | down 3.2% | rising |
| 150 | Turkey | 7.29 | 2021 | down 33.6% | flat |
| 151 | Latvia | 7.11 | 2021 | up 16.9% | rising |
| 152 | Hungary | 7.07 | 2021 | up 19.6% | rising |
| 153 | Mozambique | 7.06 | 2021 | up 43.6% | rising |
| 154 | Poland | 7.05 | 2021 | down 19.0% | rising |
| 155 | Russia | 6.87 | 2021 | down 7.0% | falling |
| 156 | Belize | 6.77 | 2020 | down 28.2% | falling |
| 157 | Greece | 6.64 | 2021 | up 3,647.6% | rising |
| 158 | Sierra Leone | 6.34 | 2019 | up 34.4% | falling |
| 159 | Uruguay | 6.08 | 2021 | down 2.6% | rising |
| 160 | Cyprus | 6.07 | 2021 | up 285.3% | falling |
| 161 | Democratic Republic of Congo | 5.64 | 2020 | down 46.9% | falling |
| 162 | Indonesia | 5.27 | 2021 | up 20.7% | rising |
| 163 | Ukraine | 5.18 | 2021 | up 8.4% | falling |
| 164 | Lithuania | 5.12 | 2021 | down 29.2% | flat |
| 165 | Saint Lucia | 4.9 | 2018 | down 31.8% | volatile |
| 166 | Azerbaijan | 4.74 | 2021 | up 7.0% | falling |
| 167 | Slovenia | 4.49 | 2021 | up 63.7% | rising |
| 168 | Colombia | 4.32 | 2021 | down 20.7% | rising |
| 169 | Kazakhstan | 2.95 | 2021 | up 19.1% | falling |
| 170 | Iceland | 1.28 | 2021 | up 15.1% | volatile |
About this data
It captures the probability of default of a country's banking system. Z-score compares the buffer of a country's banking system (capitalization and returns) with the volatility of those returns. It is estimated as (ROA+(equity/assets))/sd(ROA); sd(ROA) is the standard deviation of ROA. ROA, equity, and assets are country-level aggregate figures Calculated from underlying bank-by-bank unconsolidated data from Bankscope.