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|