ICBC, CCB, BOC rank among world's top 10 banks, says study

Three Chinese banks – including the Industrial and Commercial Bank of China (ICBC; 601398.SH, 1398.SH), China Construction Bank (CCB; 601939.SH, 0939.HK) and Bank of China (BOC; 601988.SH, 3988.HK) – now rank among the world’s top 10, highlighting the rapid growth of the country’s financial sector, Reuters reported. According to a new study by The Banker magazine, Bank of America (BAC.NYSE, 8648.TYO) is the world’s No. 1 bank for the second year in a row, followed by JP Morgan (JPM.NYSE) and HSBC (HBC.NYSE, HSBA.LSE, HSB.Euronext). The magazine’s Top 1,000 list assesses banks by Tier 1 capital, judging a bank’s abilities for large-scale lending and enduring shocks. Chinese banks’ profits have risen by 95% in the past three years, accounting for more than a fifth of global banking revenues. ICBC ranked sixth, while CCB and BOC were in eighth and ninth place respectively.