China’s top banks made US$292 billion in profits last year, representing 32% of the global industry’s record US$920 billion earnings, Reuters reported, citing The Banker magazine’s annual rankings by profits and capital strength. Global profits were up 23% to their highest ever level, led by profits of US$55 billion at Industrial and Commercial Bank of China (1398.HKG, 601398.SHA), China Construction Bank (1939.HKG, 601939.SHA), Agricultural Bank of China (1288.HKG, 601288.SHA) and Bank of China (3988.HKG, 601988.SHA). In the strength rankings, China Construction Bank (0939.HKG, 601939.SHA) jumped to second from fifth, followed by JPMorgan (JPM.NYSE) and Bank of America (BAC.NYSE).
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