China鈥檚 top banks take up 32% of global net
Print Edition
CHINA’S top banks accounted for almost one-third of a record US$920 billion of profits made by the world’s top-1,000 banks last year, showing their rise in power since the financial crisis, a survey showed yesterday.
China’s banks made US$292 billion in aggregate pretax profit last year, or 32 percent of the industry’s global earnings, according to The Banker magazine’s annual rankings of the profits and capital strength of the world’s 1,000 biggest banks.
Last year’s global profits rose 23 percent from the previous year to their highest level, led by profits of US$55 billion at the Industrial and Commercial Bank of China. China Construction Bank, the Agriculture Bank of China and the Bank of China filled the top-four positions.
Banks in the US made aggregate profits of US$183 billion, or 20 percent of the global tally, led by Wells Fargo’s US$32 billion.
Banks in the eurozone contributed just 3 percent to the global profit pool, down from 25 percent before the 2008 financial crisis, the study showed. Italian banks lost US$35 billion in aggregate last year, the worst performance by any country.
Banks in Japan made US$64 billion of profit last year, or 7 percent of the global total, followed by banks in Canada, France and Australia (US$39 billion for each), Brazil (US$26 billion) and Britain (US$22 billion), The Banker said.
The magazine said ICBC kept its position as the world’s strongest bank, based on how much capital they hold — which reflects their ability to lend on a large scale and endure shocks.
CCB rose to second from fifth in strength. JPMorgan, Bank of America and HSBC came next.
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