For most of 2008, Asia's burgeoning economies managed to sidestep the worst of the global financial crisis. In the very latter stages of the year, however, a global dollar shortage conspired to devalue several regional currencies just as Western demand for Asian exports slumped to a disastrous low: heavily export-dependent economies, in particular South Korea and Taiwan, have been badly hit, with gross domestic product in emerging Asia, excluding India and China, plummeting some 15% in the final quarter of 2008, according to the International Monetary Fund (IMF).

In spite of these woes, the Top 25 Asian bank ranking remains relatively stable this year, with the overall Asian representation in the Top 1000 continuing to grow: Asian banks, in number, constituted 19.3% of the Top 1000 for the 2009 ranking, compared with 18.4% in 2008. The region's aggregate Tier 1 capital, as a percentage of the Top 1000 aggregate, has grown from 15% in 2008 to 17%. Two new entrants to the regional Top 25 include China's Industrial Bank and India's ICICI Bank, which jumped 30 and 69 places, respectively, in the global rankings.

In what has become a familiar trend, China dominates the list with the country's banks holding the top four regional positions. Australia's banks were pushed downwards slightly by the ascendance of Agricultural Bank of China and Singapore's DBS Bank, although the country continues overall to stay strong, at second place.

Following a troubled six months for South Korea, the country's banks have suffered some downward movement, with Kookmin Bank, Hana Financial Group and National Agricultural Co-operative Federation each dropping seven places. It was another poor year for Taiwan whose sole representative in the Top 25 in the 2008 rankings, Bank of Taiwan, fell 12 places, pushing it out of the Top 25 this year.

In terms of profit on capital, the region experienced a slight overall decline from 13.36% last year to 12.31% this year, with China, South Korea, India and Singapore each displaying a slide. Taiwan was this year the exception, managing to drag up its abysmal figure of -17.05% in the 2008 listings to -6% this year.

As the Asian recession deepens, the IMF forecasts that the entire region will grow just 1.3% in 2009, down from 5.1% in 2008, suggesting that many of the region's banks have yet to feel the full impact of the slump.

Top 25 Asia ($M)

Top 25 Asia ($M)

Asia Tier 1 capital:assets %

Asia Tier 1 capital:assets %

Asia pre-tax profits:capital %

Asia pre-tax profits:capital %

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