Money
There were 292 banks on the Forbes Global 2000 list for 2022. They held collective assets worth $113 trillion—over 19% of which belong to the top five. With $22 trillion in combined assets as of April 2022, here are the world’s top five banking titans.
Country: U.S. 2022 Global 2000 rank: 4 Total assets: $4 trillion JPMorgan, which dropped two places in the overall ranking on the Global 2000 list, is no longer America’s largest public company as investment conglomerate Berkshire Hathaway overtook the banking giant this year. Net income for Q1 2022 fell by 42% to $8.3 billion as the U.S.’s biggest lender set aside $902 million in credit reserves for potential downside risks resulting from high inflation and the Russia-Ukraine war. The net income of its corporate and investment bank, where it generates the bulk of its profits, dipped 26% to $4.4 billion in Q1 2022 as fees declined 31% due to lower equity and debt underwriting activity.
1. Industrial and Commercial Bank of China (ICBC) Country: China 2022 Global 2000 rank: 2 Total assets: $5.5 trillion
China’s presence on Forbes Global 2000 was led by ICBC, the world’s biggest bank, which for the first time lost the top spot in the overall ranking after nine straight years of being number one. ICBC is largely controlled by the Chinese government through state-owned investment vehicle Central Huijin Investment Ltd. and China’s Ministry of Finance, which held 34.7% and 31.1% of shares, respectively, as of Q1 2022. The bank’s net profit surged 5.6% to $13.5 billion in the same period. ICBC shares plunged 9.3% this year as of July 15, when shares fell to $0.51.
3. China Construction Bank Country: China 2022 Global 2000 rank: 5 Total assets: $4.7 trillion
State-owned Central Huijin Investment owns a 57% stake in China Construction Bank. In Q1 2022, the bank’s net profit rose to $13 billion, a 5.8% growth compared to last year. By the end of the quarter, the bank’s loan balance for its house rental business grew to $24.1 billion, while borrowing customers under its inclusive finance strategy expanded to 2.09 million. China Construction Bank particularly provides loans to China’s manufacturing and infrastructure sectors as well as agriculture-related loans. Its Hong Kong-listed shares have tumbled by 9.9% this year as of July 15, when the closing price slid to $0.62.
F O R B E S M I D D L E E A S T.C O M
AUGUST 2022
BY CHERRY AISNE TRINIDAD; ANDY FENG/ SHUTTERSTOCK.COM, KATHERINE WELLES/ SHUTTERSTOCK.COM, ANDY FENG/ SHUTTERSTOCK.COM
LEADERBOARD
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The World’s 5 Biggest Banks In 2022
2. JPMorgan Chase
