China's 10 Most Profitable Banks

by: David Hunkar

We reviewed China’s largest banks by 2008 assets on November 9th.Today let's take a look at some of China's most profitable banks.

China’s 10 Most Profitable Banks based on Net Income in 2008:

S.No. Bank Total Net Income (in Millions US$) as of Dec, 2008
1 Industrial & Commercial Bank of China 16,273,959.00
2 China Construction Bank 13,554,853.00
3 Bank of China Limited 9,641,383.00
4 Agricultural Bank of China 7,528,312.00
5 Bank of Communications 4,168,495.00
6 China Development Bank 3,703,362.00
7 China Merchants Bank Co Ltd 3,064,700.00
8 CITIC Group 2,658,982.00
9 China CITIC Bank Corp 1,953,882.00
10 Shanghai Pudong Development 1,831,241.00

Source: BankScope

Industrial & Commercial Bank of China (ICBC) (OTCPK:IDCBF) is the most profitable bank in China based on net Income in 2008. ICBC is a state-owned AAA-rated bank. ICBC is also the world’s most profitable bank according to The Banker magazine.

As the name implies, Agricultural Bank of China mainly lends to farmers and rural businesses.

China Construction Bank (OTCPK:CICHF), Bank of China Limited, Agricultural Bank of China
and Bank of Communications also appear in the The Banker magazine’s 25 most profitable global banks based on 2008 earnings.