Chinese banks take top four spots in industry profit rankings

Chinese banks took all four top spots for profit in the global banking industry in 2014 thanks to a combined take of more than US$180 billion, Reuters reported, citing The Banker magazine’s annual rankings of profit and capital strength. Data from the magazine had Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China ranked first to fourth, respectively, collectively earning almost double the amount of their US rivals. ICBC also topped the list of strongest bank in the world based on capital held for the third year running.