ICBC and China Construction Bank Top The Banker’s List of the World’s Leading Lenders

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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 Rank2019 RankBankCountryTier 1 Capital (USD$B)
11ICBCChina380
22China Construction BankChina316
33Agricultural Bank of ChinaChina278
44Bank of ChinaChina258
55JPMorgan ChaseUS214
66Bank of AmericaUS188
77Wells FargoUS159
88CitigroupUS156
99HSBCUK148
1010Mitsubishi UFJJapan144

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

RankBankCountryPre-tax Profits (USD$m)
1ICBCChina56,050
2China Construction BankChina46,723
3JPMorgan ChaseUS44,538
4Agricultural Bank of China China38,137
5Bank of ChinaChina35,858
6Bank of America US32,755
7Wells FargoUS24,198
8CitigroupUS23,870
9SberbankRussia17,269
10China Merchants Bank China16,757

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

RankCountry2020 (USD$bn)2019 (USD$bn)%cHANGE
1China330312+5.7%
2US253255-0.6%
3Canada47.247.3+0.2%
4France43.043.8-1.96%
5Japan41.439.8+4.1%
6UK38.043.5-12.7%
7Australia28.635.1-18.6%
8Spain28.433.7-15.8%
9Russia 27.423.3+17.9%
10Brazil22.723.8-4.6%

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