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Chinese banks booming in latest survey of global banking

The latest survey of world banks carried out by The Banker magazine has revealed the relentless rise of the Chinese banking sector. Last year, a Chinese bank topped the chart for the first time, this year Chinese banks accounted for thirty percent of worldwide banking profits, or almost USD three hundred billion in pre tax profits. The top two banks out of one thousand in the rankings were Beijing based. All achieved despite the Chinese RMB still being under state restrictions and subject to capital flow controls.

Overall the results showed that global banking profits rose by twenty percent, the most profitable level since the financial crisis. The findings underline the recovery in the Eurozone and also in the US, where banks accounted for twenty percent of global profits with four US banks in the top ten.

Editor of The Banker magazine, Brian Caplen, examines the survey results and looks ahead to how smaller and emerging markets look destined to climb up the listings in the future.

03:46 minutes
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