Chinese banks top global profit table
(3 July 2012 – Global) Almost a third of global bank profit was accounted for by Chinese lenders, up from just 4 percent in 2007, as China’s banks grabbed the market share left by struggling European peers.
The Banker magazine published the annual rankings showing three Chinese banks topped the profit table, led by Industrial and Commercial Bank of China (ICBC) for the second successive year, with pre-tax earnings of US$43.2 billion (A$42 billion).
ICBC was followed by China Construction Bank, which delivered a US$34.8 billion profit, and Bank of China, with earnings of US$26.8 billion.
JPMorgan was fourth with a profit of US$26.7 billion, while HSBC was the most profitable European bank, with earnings of US$21.9 billion.
Bank of America topped the magazine's Top 1,000 list for the second year, which uses Tier 1 capital as a measure of a bank's ability to lend on a large scale and endure shocks.
JPMorgan was second in that table, with four Chinese banks in the top 10 for the first time - ICBC ranked third, CCB was sixth, Bank of China ninth and Agricultural Bank of China 10th.
National Bank of Greece reported the biggest loss last year – US$17.4 billion, followed by Belgian group Dexia.
Eurozone banks accounted for 6 percent of global profit last year, compared to 46 percent five years ago and their 45 percent share of global assets, the Banker estimated.
In contrast, Chinese banks accounted for 29.3 percent of global profit last year, the magazine said.
ICBC was followed by China Construction Bank, which delivered a US$34.8 billion profit, and Bank of China, with earnings of US$26.8 billion.
JPMorgan was fourth with a profit of US$26.7 billion, while HSBC was the most profitable European bank, with earnings of US$21.9 billion.
Bank of America topped the magazine's Top 1,000 list for the second year, which uses Tier 1 capital as a measure of a bank's ability to lend on a large scale and endure shocks.
JPMorgan was second in that table, with four Chinese banks in the top 10 for the first time - ICBC ranked third, CCB was sixth, Bank of China ninth and Agricultural Bank of China 10th.
National Bank of Greece reported the biggest loss last year – US$17.4 billion, followed by Belgian group Dexia.
Eurozone banks accounted for 6 percent of global profit last year, compared to 46 percent five years ago and their 45 percent share of global assets, the Banker estimated.
In contrast, Chinese banks accounted for 29.3 percent of global profit last year, the magazine said.
Subscribe