Chinese banks responsible for 29% of profits

2 July 2012

Chinese banks now account for 29 per cent of total profits within the sector.

The Banker's countdown of the top 1,000 lending institutions discovered the three most financially successful organisations now herald from the nation.

It points to the increasing importance of the country when it comes to world economics, while also showcasing the decreasing standing of Europe and the US.

For the second successive year, the Industrial and Commercial Bank of China headed the list, while the China Construction Bank and Bank of China rounded out the top three.

Brian Caplan, editor of The Banker, remarked lenders in the country are "making the type of profits that European banks can only dream about".

On the other hand, some organisations in Europe are performing well, while others continue to struggle in the aftermath of the global recession.

In 2007, European banks were responsible for 46 per cent of profits, but this figure has now fallen to just six per cent.

Posted by Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development