ICBC and China Construction Bank Top The Banker’s List of the World’s Leading Lenders
The latest list of the world’s top 1000 banks compiled by the UK’s The Banker puts Chinese state-owned lenders in all four of the top spots.
According to the list released on 1 July ICBC took the top spot, followed by China Construction Bank, Agricultural Bank of China and Bank of China.
While China’s big biggest banks were 51% larger than America’s big four banks in 2019 in terms of tier 1 capital, in 2020 this gap had expanded to 72%, following 14% rise in the tier 1 capital of the former as compared to a 3% expansion for the latter.
World’s Top 10 Banks in 2020
|2020 Rank||2019 Rank||Bank||Country||Tier 1 Capital (USD$B)|
|2||2||China Construction Bank||China||316|
|3||3||Agricultural Bank of China||China||278|
|4||4||Bank of China||China||258|
|6||6||Bank of America||US||188|
Chinese banks also took out four of the top five spots in terms of pre-tax profits in 2020.
World’s Top 10 Banks in 2020 in Terms of Pre-Tax Profits
|Rank||Bank||Country||Pre-tax Profits (USD$m)|
|2||China Construction Bank||China||46,723|
|4||Agricultural Bank of China||China||38,137|
|5||Bank of China||China||35,858|
|6||Bank of America||US||32,755|
|10||China Merchants Bank||China||16,757|
China’s banking sector came first in terms of profits, which stood at USD$330 billion, for a 5.7% increase compared to 2019.
World’s Top 10 Banking Sectors in Terms of Profits in 2020
|Rank||Country||2020 (USD$bn)||2019 (USD$bn)||%cHANGE|