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Out of the nine Chinese banks in the top 20, four have seen double-digit increases in pre-tax profits – 10.3% for China Construction Bank 11.9% for China Merchants Bank 14.4% for Postal Savings Bank of China and 10.1% for Industrial Bank. Chinese banks account for 37% of global aggregate pre-tax profits, and 69% of aggregate pre-tax profits for Asia-Pacific.Īt an individual bank level, pre-tax profits at ICBC hit $60.1bn, the highest total on record. China has 144 banks in this year’s ranking (compared to 143 last year) and the US has 178 (compared to 184 last year).Ĭhina’s banks have also performed strongly in pre-tax profits - as part of the select club of just 16 countries to see such an increase - with aggregate pre-tax profits increasing 5.2% year-on-year. The US is the only country in the Top 1000 ranking to feature more banks than China, although the gap is narrowing. Postal Savings Bank of China makes the more impressive leap, however, from 22nd in 2020 to 15th this year, with its Tier 1 capital increasing by 32.8% compared to last year. Industrial Bank has crept up from 21st position in 2020 to 19th in this year’s ranking. This continuing growth in capital levels across the banking sector now means China accounts for an even greater share of the top 20 banks: nine compared to seven last year. And China accounts for 62% of Asia-Pacific’s Tier 1 capital, compared to 15% for Japan, the next largest contributor to the total. They now account for 30% of global aggregate Tier 1 capital in the Top 1000 compared with 11% in 2011 and just 5% in 2001. Its Tier 1 capital has grown to $439.9bn, the highest individual bank total on record and a $59.7bn increase compared with last year (an uplift almost equivalent to the total Tier 1 capital held by ING, the 36th largest bank in the Top 1000).Ĭapital levels at Chinese banks continue to grow significantly, up 18.6% year-on-year, compared to the global average of 12.7%. ICBC has now been at the top of the table for nine consecutive years. Its banks have actually managed to consolidate their position even further, with ICBC, China Construction Bank, Agricultural Bank of China and Bank of China holding the top four positions for the fourth year in a row. There is little evidence of China - the country first hit by Covid-19 - suffering any long-term economic damage as a result of the pandemic.