4 China’s Largest Banks  

4 China’s Largest Banks- According to the annual report of 2023, there are four China’s Biggest Banks in 2023. These banks have extensive markets in China with many branches and customers. As a country that has biggest population in the world, around 1.4 billion people, this country has huge potential.

Along with Chinese economic reform led by Deng Xiaoping, from state ownership and central planning to market-oriented reforms, China can improve their economic conditions from time-to-time Gross Domestic Product (GDP). the private sector grows remarkably because of the permission of its citizen to do the business. Economically, until 2022, from the data of IMF, China still becomes the second-biggest country in GDP after United States of America. The China's Gross Domestic Products is around $19.91 trillion.

With the condition of increasing of prosperity in China and huge population of this country, China still became the potential market to the company from domestic and foreign. Bank, by the way, is the financial institution that has extensive market in China.  Many banks in China, but few of them has become the biggest bank in China. Here are the 4 China’s Biggest Banks in 2023. These data were obtained from Annual report from each company in 2023.

The Rank of China’s Biggest Banks in 2023 based on Assets

 

Rank	Name of Company	Assets	Assets	Liabilities	Liabilities
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Industrial and Commercial Bank of China	RMB 44,697 Billion	USD 6,257 Billion	RMB 40,920 Billion	USD 5,728 Billion
2	Agricultural Bank of China	RMB 39,872 Billion	USD 5,582 Billion	RMB 36,976 Billion	USD 5,176 Billion
3	China Construction Bank Corporation	RMB 38,324 Billion	USD 5,365 Billion	RMB 35,152 Billion	USD 4,921 Billion
4	Bank of China	RMB 32,432 Billion	USD 4,540 Billion	RMB 29,675 Billion	USD 4,154 Billion
Source : Annual report, 2023
Description :
	Origin Currency : Currency officially Used in Annual Report 2023
	US Dollar = Currency from Origin Currency has been Converted into US Dollar
Currency Rate :
1 Renminbi (RMB)=  0.14 US Dollar (USD)

 

 

The data above was obtained from Balance sheet of the bank in 2023. The balance sheet above can describe the financial positions. The bank with more assets than liabilities is in good position. With less liabilities, the bank can expand the business than focusing on pay back the loans or debts.

The Rank of China’s Biggest Banks in 2023 based on Net Income

 

Rank	Name of China's Bank	Revenue	Revenue	Net Income	Net Income
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Industrial and Commercial Bank of China	RMB 806 Billion	USD 112 Billion	RMB 65 Billion	USD 51 Billion
2	China Construction Bank Corporation	RMB 745 Billion	USD 113.7 Billion	RMB 332 Billion	USD 46.4 Billion
3	Agricultural Bank of China	RMB 695 Billion	USD 97 Billion	RMB 269 Billion	USD 37.6 Billion
4	Bank of China	RMB 624 Billion	USD 87 Billion	RMB 246 Billion	USD 34 Billion
Source : Annual report, 2023
Description :
	Origin Currency : Currency officially Used in Annual Report 2023
	US Dollar = Currency from Origin Currency has been Converted into US Dollar
Currency Rate :
1 Renminbi (RMB)=  0.14 US Dollar (USD)

 

 

The data about Revenue and net income was obtained from Income Statement of the banks in Annual Report 2023. In the income statement, the business of the bank can be observed.  The bank with net income showed the efficiency and effectively in doing the business from specific time.

 

Brief Description of China’s Largest Banks in 2021

 

1.Industrial and Commercial Bank of China

Industrial and Commercial Bank of China Ltd is China-based Bank found in Beijing in 1948. This Bank owned by Chinese Central Government with 70.82% of stake ownership. In 2023, this bank has gotten the biggest revenue and Net income than the other Bank in the world. Until 2023, ICBC has 9.6 billion corporate customers and 704 million personal customers with “A” credit rating from S&P and Moody’s. Nowadays, this bank has total 434,089 employees, including 410,766 employees in the Head Office and domestic branches, 7,467 employees in domestic subsidiaries, and 15,856 employees in overseas office.

Financially, based on the annual report of ICBC in 2023, the bank has assets around RMB 44,697 billion / USD 6,257 Billion and liabilities around RMB 40,920 billion / USD 5,728 Billion. Based on the business performance in 2021, the company gained the revenue RMB 806 billion RMB / USD 112 billion and successfully reaped net Income RMB 65 billion / USD 51 billion.

 

2.China Construction Bank Corporation

China Construction Bank Corporation (CCB) is another biggest bank in China and The World. Historically, it was founded in Beijing, China on 1 October 1954 and still has primary office in Beijing, China. Until 2021, this bank has Until 2021, this bank has 351,252 employees with 14,510 banking outlets. As of 2023, this bank has capitalization around US $175 billion.

Financially, in 2023, Based on Published Annual report by the Company, the company has assets around RMB 38,324 billion / USD 5,365 billion and liabilities around RMB 35,152 billion / USD 4,921 Billion. Based on the business performance in 2023, the company gained the revenue around RMB 745 billion / USD 113.7 billion and reaped the net Income RMB 332 billion / USD 46.4 billion.

3.Agricultural Bank of China 

Agricultural Bank of China (ABC), commonly known as AgBank, is one of the biggest banks from China. It was founded on July 10, 1951. Until now, this bank has primary office in Beijing, China.  At the end of 2021, Agricultural Bank of China has collected 8.5963 million corporate banking customers with balance of domestic corporate deposits amounted to RMB8,037,929 million. Furthermore, this bank has employees around 455,174 people.

Financially, based on the annual report of Published company in 2023, the company has assets around RMB 39,872 billion / USD 5,582 billion with liabilities around liabilities RMB 36,976 billion / USD 5,176 billion. Based on the business performance in 2023, the company gained the revenue around RMB 695 billion / USD 97 billion and net income around RMB 269 billion / USD 37.6 billion.

4.Bank of China           

Bank of China is the one of the biggest and oldest banks in China. Historically, it was founded in Beijing, China in 1912 by Chen Jintao. Nowadays, this bank has 306 thousand employees. Bank of China also has some foreign office branch in 62 countries and regions outside Chinese mainland. in 20220, the bank opens the Yangon Branch in Myanmar, Hanoi Representative Office in Vietnam and Geneva Branch in Switzerland.

Financially, in the financial positions, the Bank of China has assets RMB 32,432 Billion  / USD 4,540 Billion  and liabilities around RMB 29,675 Billion  / USD 4,154 Billion. Based on the business performance in 2023, the company gained revenue RMB 624 billion / USD 87 billion and net income around RMB 246 billion / USD 34 Billion.

 

Bibliography of The Top 4 China’s Largest Banks in 2023

 

International Monetary Fund. 2022. World Economic Outlook database: April 2022. accessed via

https://www.imf.org/en/Publications/WEO/weo-database/2022/April/weo-report?c=924,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2022&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 on August 30th, 2022

Industrial and Commercial Bank of China. 2024. Annual Report 2023. Accessed via http://www.icbc-ltd.com/ICBCLtd/Investor%20Relations/Financial%20Information/Financial%20Reports/  on August 30th, 2024.

China Construction Bank Corporation. 2024. Annual Report 2023. Accessed via http://www.ccb.com/en/investorv3/annualreports/annals.html?ptId=6&ctId=1  on August 30th, 2024.

Agricultural Bank of China. 2024. Annual Report 2023. Accessed via https://www.abchina.com/en/investor-relations/performance-reports/annual-reports/  on August 30th, 2024.

Bank of China. 2024. Annual Report 2023. Accessed via https://www.bankofchina.co.id/en-id/top/about-us/financial-report/annual-report.html  on August 30th, 2024.