Global Finance has released its 2024 ranking of the world’s largest banks, emphasizing institutions that have established robust franchises in their markets. These banks serve extensive corporate, commercial, and retail client bases, solidifying their positions as industry leaders. Their diverse banking platforms have allowed them to significantly grow their balance sheets, which expanded by 4% in 2023, reaching a total of $92.8 trillion, rebounding from a 2% decline the previous year.
Chinese banks dominate this year’s rankings, occupying the top four positions, with the Industrial and Commercial Bank of China leading at over $6.2 trillion in assets. The top four Chinese banks collectively achieved an average asset growth of 11%, while the 15 Chinese banks in the top 50 experienced an average year-over-year increase of 6%.
In contrast, Japan’s three banks—Mitsubishi UFJ Financial Group, Sumitomo Mitsui, and Mizuho—faced an average contraction of 5% in their balance sheets in 2023, reflecting challenges in maintaining economic growth. Similarly, euro area banks showed subdued performance, with a mere 1% average asset increase among the 14 eurozone banks featured in the ranking.
New entrants to the list include Banque Federative du Credit Mutuel at No. 47 and the State Bank of India at No. 49, replacing Norinchukin Bank and CaixaBank.
