Chinese Banks Surpass Their Counterparts
ICBC ranked first on the list of global banks last year with a profit of $21.3 billion, stated new industry rankings the other day.
China and Spain have enjoyed the five banks with the best performance. China Construction Bank just followed ICBC earning $17.5 billion. The third, fourth and fifth was Santander ($15.8 billion), Bank of China ($12.6 billion) and BBVA ($9.6 billion) successively, listed The Banker magazine.
Britain’s HSBC ($9.3 billion) and Barclays ($8.9 billion) stood in the sixth and seventh place.
The magazine roughly figured out that global bank profits dropped from $781 billion last year to $115 billion, an 85 percent, and return on equity dived to 2.69 percent from 20 percent.
Last year Royal Bank of Scotland saw the largest loss in the industry.
Of all the banks, RBS’ $59.3 billion loss was on the top, overseeing Citigroup’s $53 billion loss and
Wells Fargo’s $47.8 billion loss.
JPMorgan has moved from a year earlier the fourth place to the lead on The Banker’s annual list of the strongest 1,000 global banks. The rankings, established in 1970, take capital strength, or the amount of Tier 1 capital held as indicators.
In spite of the difficulties in the last three years, Bank of America, Citigroup and RBS respectively occupied the position from second to fourth. JPMorgan benefited from its merger of Bear Stearns and Washington Mutual and Bank of America was promoted by its buying of Merrill Lynch.
HSBC stepped back to fifth from the top, but it was the sole one which has not received any bailout funds, and would forward to third if the bailout pitched in, The Banker said. Mitsubishi UFJ was the No.1 within seven Asian banks ahead of China’s ICBC.
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