What is the Name of Biggest Bank in the World? What is Its Revenue and Income?

The Industrial and Commercial Bank of China Limited is an international bank based in China. ICBC was established as a limited liability corporation on 1 January 1984 and is a state-owned commercial bank.

With capital granted by the Chinese Ministry of Finance, the bank’s Tier 1 capital in 2013 was the greatest among one thousand worldwide banks, making it the first Chinese bank in modern history to earn this distinction. ICBC was subsequently ranked as the largest bank in the world in 2017 and 2018, based on total assets (31 December 2020, US$4.324 trillion).

Furthermore, ICBC has been ranked first in The Banker’s Top 1000 World Banks ranking every year since 2012, and first (2019) on the Forbes Global 2000 list of the world’s largest public companies. Moreover, ICBC is regarded as one of the world’s most lucrative firms, ranking fourth according to Forbes.

The Financial Stability Board considers it to be a systemically important bank. Several former ICBC employees now hold key positions in the Chinese government. Notable ICBC graduates include CSRC Chairman Huiman Yi and PBoC Deputy Governor Gongsheng Pan.

Finances of Biggest Bank in the World

Accounting ICBC’s policy is to prepare accounts in accordance with the International Financial Reporting Standards, accepting specifically criteria IFRS 9 (pertaining to the definition and rating of asset, liability, and a number of all existing purchasing contracts for non-financial purchases) from 1 January 2018 and IFRS 16 from 1 January 2019.biggest bank in the world

Basic Statistics in 2005 of ICBC

In 2005, net income increased by 12.4% to RMB 33.7 billion, while total loan balance reached RMB 3,289.5 billion. Total liabilities are RMB 6,196.2 billion, up 11.2 percent . The overall amount of delinquent or non-performing loans (NPL) is RMB 154.4 billion, a considerable decrease although the numbers are usually believed to be somewhat higher than what is officially reported. It has a ratio of nonperforming loans of 4.69 percent and a ratio of capital adequacy of 9.89 percent.

Board of Directors and Employees of ICBC

The corporation has 449,226 employees and 24 board members, including one chairman, one chairman of the supervisory board, and one vice-chairman. Chen Siqing, the current chairman, took his position in April 2019 after quitting from Bank of China, where he served as chairman, executive director, and chairman of the Strategic Development Committee.

At the time of his resignation, Siqing had no quarrel with the Board; he left solely to pursue a new career at ICBC. Yi Huiman, the company’s former chairman, left to become chairman of the China Securities Regulatory Commission.

Controversies

In 2005, the Chinese authorities detained a number of government officials and bankers in connection with an alleged conspiracy to steal $900 million from ICBC. In November 2015, ICBC Standard Bank, a foreign subsidiary bought in February of that year, agreed to pay UK authorities a punishment of up to $40 million.

On February 17, 2016, the Spanish Guardia Civil, with the assistance of Europol, detained six officials of the Spanish branch of the bank on suspicion of money laundering. The US Federal Reserve discovered “severe shortcomings” in the bank’s anti-money laundering safeguards in 2018. Gu Guoming, a former senior banker at Industrial and Commercial Bank of China, was sentenced to life in prison for bribery by Chinese authorities on August 12, 2021.

Here is the List of Some Worlds Largest Banks:

The list of banks is based upon there revenues, income and market cap.

1. The China Industrial and Commercial Bank Limited (IDCBY)

Revenue of $123.6B, Net Income of $45.3B, Market Capitalization of $231.8B, 1-Year Trailing Total Return of -6.9%, OTC Exchange.biggest bank in the world
In terms of total assets under management (AUM), the Industrial and Commercial Bank of China Ltd. is the largest bank in the world. This firm offers credit cards and loans, business finance, and money management services to corporations and people with high net worth. This commercial bank is owned by the government.

2. JPMorgan Chase and Company (JPM)

Revenue (TTM) is $114.6B, Net Income (TTM) is $36.4B, Market Capitalization is $280,1B, and 1-Year Trailing Total Return is -5.8 percent. Transactions on the New York Stock Exchange.biggest bank in the world

JPMorgan Chase & Co. is a worldwide bank and financial services holding firm that provides, among other services, corporate lending, asset management, wealth management, investment and consumer banking.

JPMorgan Chase recently revealed intentions to solicit up to $10 billion from pension funds and other clients for alternative investments like as leveraged loans and certain forms of real estate in response to COVID-19.

3. The Japan Post Holdings Co. (JPHLF)

Revenue (TTM) is $112.3 billion, net income (TTM) is $4.7 billion, market capitalization is $34.4 billion, 1-year trailing total return is -28.3%, and the exchange is OTC.biggest bank in the world

Unlike many of the other organisations on this list, Japan Post Holdings Co., Ltd. operates in banking in addition to life insurance, logistics, and other industries. The corporation is also well-known for its Japan Post division, which is responsible for mail delivery and post office management throughout Japan, as well as its Japan Post Bank banking division.

4. China Agricultural Bankbiggest bank in the world

The Agricultural Bank of China provides a vast array of financial goods and services to consumers and businesses worldwide. In addition to its local operations in places such as Hong Kong and Singapore, ABC’s international branch also provides corporate and personal banking, treasury operations, and asset management. The headquarters is located in Beijing, China. Total assets are $3,57 trillion.

5. Bank of China

The Bank of China is the most internationally focused commercial bank in China. It provides users in 57 countries and regions with a vast array of financial services, including corporate banking, personal banking, and financial markets services.biggest bank in the world

Since 1981, BOC has maintained offices in New York, Chicago, and Los Angeles, making it the oldest and largest Chinese bank in the United States. The headquarters is located in Beijing, China. Total assets are $3.27 trillion

6. Mitsubishi UFJ Financial Group, Inc. (Mitsubishi)

With $2.63 trillion in assets, Japanese financial services titan Mitsubishi is the largest bank holding/financial services corporation in the world. This company, which is a subsidiary of the Mitsubishi Group, offers a variety of financial and investing services.biggest bank in the world

This range of services includes commercial banking, trust banking, international finance, and asset management. Given MUFG’s great reputation, it is astonishing that the company was only founded in 2005.

Final Words

The data of banks is changing over time to time, we tried to put the latest information. Also,  as the changes takes place with time we will update the article. Stay tuned with our website for latest information of technology and entertainment.

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