Top 6 Largest Banks in the World

Shaira Maepanilag

China’s Industrial and Commercial Bank (ICBC) is the biggest financial institution in the world. Its total assets are $5.54 trillion, and it brings in $208.1 billion annually in revenue. With net income and market cap of $55.34B and $173.9B, respectively, this banking institution once again takes first place on the list of the world’s most successful firms.

In this article, let’s look at the biggest banking institutions in the world that are ranked based on their total assets.

Industrial & Commercial Bank of China (ICBC): The World’s Largest Bank

  • Revenue: $208.1B
  • Net Income: $55.34B
  • Market Cap: $173.9B

The largest bank in the world is ICBC, a Beijing-based financial institution. It was established on January 1, 1998. Industrial & Commercial Bank of China has developed into the top large listed bank in the world, possessing an excellent customer base, an overall business structure, strong innovation capabilities, and market competitiveness.

With a total asset of $5.54 trillion, the Industrial & Commercial Bank of China bagged first place in the world’s largest bank. This financial institution gives assistance to the following services: 

  • Credit Cards
  • Loans
  • Business Financing
  • Money management services for businesses and high-net-worth individuals

ICBC earned a revenue of $208 billion in 2022. This is $81.21 billion higher than the second largest bank, which is China Construction Bank.

Who Comes Next: Five Largest Banks After ICBC

Over the years, banks outside of the west have grown and have impacted the global economy. Here are the current largest banks in the world after ICBC:

China Construction Bank

  • Revenue: $126.79B
  • Net Income: $48.49B
  • Market Cap: $148.5B

State-owned bank, China Construction Bank ranked second with a total asset of $4.76 trillion. With a comprehensive range of financial services, this bank provides three principal business segments: corporate banking, personal banking, and treasury operations.

The bank offers a range of financial products and services to corporations, government offices, and financial institutions, which consists of:

  • Trade Financing
  • Corporate Loans
  • Agency Services
  • Deposit-taking and Wealth Management Services
  • Financial Consulting and Advisory Services
  • Cash Management Services
  • Custody Services and Guarantee Services
  • Remittance and Settlement Services.

It represents inter-bank money market transactions, repurchase and resale transactions, investments in debt securities, and trade of derivatives and foreign currency.

This financial institution intends to strengthen its relationship with its corporate customers by focusing on industry leaders in strategic industries such as power, telecommunications, oil and gas, and infrastructures.

Agricultural Bank of China

Revenue: $202B

Net Income: $31.12B

Market Cap: $104.85B

Founded on July 10, 1951, and based in Beijing, China, the Agricultural Bank of China is the world’s third-largest bank by assets, having $4.6 trillion as its total asset and $202 billion as its total revenue.

ABC commits to vigorously developing green finance and firmly supporting sustainable development. It aims to have a critical step toward achieving the goals of “peak carbon dioxide emissions and carbon neutrality.” Thus, building modernization in the harmonious coexistence of humans and nature with the power of finance.

To be more specific, it is a bank that offers:

  • Personal Banking
  • Business Banking
  • Investment Banking
  • Cash
  • Wealth Management
  • Custody Payment
  • Settlement Services
  • Foreign Exchange Trading
  • Financial Market Solutions
  • Private Banking
  • E-banking Products and Services
  • Agro-business Banking

This financial institution also helps with things like deposits, financing, credit facilities, payments, settlements, cash management, trading, and investing. In addition to retail and commercial banking, ABC provides a full suite of financial services tailored specifically to the needs of the agricultural industry.

Bank of China

Revenue: $83.27B

Net Income: $22.64B

Market Cap: $125.71B

Bank of China has a total asset of $4.21 trillion among the largest China-based banks. It has been the sole bank specializing in foreign exchange transactions.

As China’s most globalized and integrated bank, it has a global service network with institutions across the Chinese mainland and 57 countries and regions.

It exhibits its high experience in hosting and undertaking large-scale events as it has been a banking partner of the following:

  • 2008 Beijing Olympic Games
  • Paralympic Games
  • 2022 Beijing Winter Olympic Games
  • Winter Paralympic Games
  • Canton Fair and Shanghai Fair

As for its business segments, the Bank of China provides aid in personal banking, corporate banking, and bank cards.

This bank is also at the forefront of the Chinese government’s efforts to internationalize the yuan. Economically, it broadens the market in which they can engage by eliminating the need to convert currencies and suffer the associated transaction expenses. Companies can borrow in overseas markets without being exposed to exchange rate risk, perhaps allowing them to find cheaper capital.

JPMorgan Chase & Co.

Revenue: $123.42B

Net Income: $37.07B

Market Cap: $381.6B

With a history that traces its roots to New York City in 1799, JPMorgan Chase & Co. is in fifth place with a total asset of $3.74 trillion.

It is a leader in investment banking, commercial banking, financial transaction processing, and asset management. It serves millions of customers, predominantly in the U.S. and many of the world’s most prominent corporate, institutional, and government clients globally.

Its investment banking portfolio comprises banking solutions for a broad range of corporations, institutions, and governments, including mergers and acquisitions, capital raising, and risk management.

This financial organization provides financing, leasing, dealer floorplan, commercial banking, and treasury services. They also offer strategies across all asset classes, including equity, fixed income, alternatives, money market, ETFs, and multi-asset solutions.

The company aims to close the racial wealth gap and promote economic inclusion in the United States. Thus, more prospects for homeownership, more access to affordable housing, small business growth, and improved financial health for Black, Hispanic, and Latino populations across the country.

Mitsubishi UFJ Financial Group, Inc. (MUFG)

Revenue: $45.25B

Net Income: $10.06B

Market Cap: $81.57B

Settled in Tokyo, Japan, in April 2001, Mitsubishi UFJ Financial Group, Inc. is ranked sixth with a total asset of $2.98 trillion.

Serving major Japanese corporations seeking to expand globally, this business group provides loans, settlements, forex, and other services to help customers grow in their corporate value.

Mitsubishi UFJ Financial Group, Inc. provides various financial products and services to help clients reach their goals: transaction banking, loan syndication, structured finance, working capital solutions, and other services.

This financial institution provides cash management, trade finance, and ISO 20022 adoption and migration services for cross-border payments. It also provides syndication loans, cross-border syndicated loans, and samurai loans as services.

This business group has extensive networks in the United States and Southeast Asia. It also provides financial services to local SMEs and people in other countries through its partner banks, such as:

  • MUFG Union Bank in the United States
  • Krungsri (Bank of Ayudhya) in Thailand
  • Bank Danamon in Indonesia

Bottom Line

ICBC rose to the top because of its aggressive strategies and large market reach. It has about 5 million corporate customers and 443 million individual customers. The bank also extensively expands to a wider horizon with 17,000 domestic and 399 overseas branches.

But despite the ranks, these banks provide a fundamental role in the world economy: make the money flow where it’s needed as it helps every company hire people, invest, and create an impact on economic development.


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