China Merchants Bank crowned best performer for third year

China’s largest state-owned banks have retained their places at the top of the Top 1000 ranking, despite the strength of the US dollar affecting their core capital levels. Kimberley Long reports.

by Kimberley Long

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China’s banks once again take the top four positions in the Top 1000 World Banks ranking. Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China (ABC) and Bank of China are ranked from first to fourth, respectively.

It has not been an easy time for the Chinese banks: the Covid-19 lockdowns, in place until January 2023, continued to affect performance, and the strength of the US dollar impacted overall Tier 1 capital levels. As a result, the banks have seen declines in Tier 1 capital when converted into US dollars, with ICBC seeing a 2.27% contraction and its total dip below the $500bn mark.

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Kimberley Long

Kimberley Long is the Asia editor at The Banker. She joined from Euromoney, where she spent four years as transaction services editor. She has a BA in English Language and Literature from the University of Liverpool, and an MA in Print Journalism from the University of Sheffield. Between degrees she spent a year teaching English in Japan as part of the JET Programme.

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