Reprinted from

The world’s 100 largest banks, 2023

By Zia Khan, Harry Terris, Ben Meggeson and Mohammad Taqi April 17, 2023

Chinese banks extended their dominance as the world’s Inflation, war

largest lenders in 2022, bucking declines in balance sheets
among global peers amid rate hikes and slowing eco- High inflation, interest rate hikes and the Russia-Ukraine
nomic growth. war damped global economic growth and investor sentiment
in 2022. Assets held by the 100 largest banks as of the end
The number of Chinese banks in S&P Global Market Intel- of 2022 totaled $111.965 trillion, down 1.5% from $113.674
ligence’s ranking of the world’s 100 largest banks by assets trillion a year earlier.
rose to 20, from 19 in 2021, after Bank of Ningbo Co. Ltd.
joined the list at No. 89. The country’s largest banks contin- Chinese lenders were not immune to these pressures as ag-
ued to hold the top four slots. gregate lending growth eased to 11.1% in 2022 from 11.6% in
2021, according to data from the nation’s central bank. Still,
Aggregate assets rose 2.4% at the 19 Chinese banks that that pace was far stronger than in most parts of the world as
appeared on both years’ lists. The four largest Chinese the People’s Bank of China maintained an easing bias while
banks expanded their assets 4.1% to $19.871 trillion from most major central banks, led by the US Federal Reserve,
$19.081 trillion in the 12 months ended Dec. 31, 2022. Ag- raised rates sharply to counter decades-high inflation.
ricultural Bank of China Ltd. led the big four’s gains with a
7.5% increase. The biggest climber on the list was UBS Group AG, which
surged to 20th place from 34th in 2021. Its $1.608 trillion
Total assets at the eight Japanese lenders on the list shrank asset size has been adjusted to incorporate troubled Credit
8.8% in 2022, while assets at the 11 ranked US banks fell Suisse Group AG, which UBS agreed to take over in an emer-
0.4%, Market Intelligence data shows. gency deal orchestrated by the Swiss authorities in March.
UBS expects to wind down noncore activities over the com-
Last year was “a tumultuous year of shocks and growing ing three to four years, including parts of Credit Suisse’s
uncertainty,” according to McKinsey’s Global Banking An- investment bank.
nual Review published in December 2022. “Banks rebounded
from the pandemic with strong revenue growth, but the con- The tie-up put UBS ahead of French banks Groupe BPCE and
text has changed dramatically. Now a series of interrelated Société Générale SA, which both fell one place to 21st and
shocks — some geopolitical and others lingering economic 22nd. Deutsche Bank AG dropped to 27th place from 22nd.
and social effects of the pandemic — are exacerbating The German lender’s risk-weighted assets decreased 13% in
fragilities.” 2022 as it worked through a long-running restructuring and
de-risking process.
About this analysis
Eurozone banks may face constrained asset growth this
For the latest ranking, company assets were adjusted on year, as European Central Bank Vice President Luis de Guin-
a best-effort basis for pending mergers, acquisitions and dos said March 26 that recent concerns about bank liquidity
divestitures, as well as M&A deals that closed after the end are likely to prompt a tightening of credit standards.
of the reporting period through March 31. Assets reported
by non-US dollar filers were converted to dollars using pe- Asia-Pacific on the rise
riod-end exchange rates. Total assets were taken on an “as-
reported” basis, and no adjustments were made to account The total number of Asia-Pacific lenders on the list rose to
for differing accounting standards. The majority of the banks 43 from 41 with Macquarie Group Ltd. joining Bank of Ningbo
were ranked by total assets as of Dec. 31, 2022. In the previ- as a new entrant. The Australian lender ranked 97th, claim-
ous ranking published April 12, 2022, most company assets ing one of the slots vacated by US and European banks.
were as of Dec. 31, 2021, and were adjusted for pending and
completed M&A as of March 31, 2022.

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Reprinted from

Ranking the world's 100 largest banks

Current Total
Current Previous vs. Accounting assets
rank^ rank^^ previous Company (ticker-exchange) Headquarters principle (US$B)
1 1 NC Industrial and Commercial Bank of China Ltd. (1398-SEHK) China IFRS 5,742.86
2 2 NC China Construction Bank Corp. (939-SEHK) China IFRS 5,016.81
3 3 NC Agricultural Bank of China Ltd. (1288-SEHK) China IFRS 4,919.03
4 4 NC Bank of China Ltd. (3988-SEHK) China IFRS 4,192.12
5 5 NC JPMorgan Chase & Co. (JPM-NYSE) US US GAAP 3,665.74
6 7 ▲ Bank of America Corp. (BAC-NYSE) US US GAAP 3,051.38
7 6 ▼ Mitsubishi UFJ Financial Group Inc. (8306-TSE) Japan Japanese 2,967.91
GAAP
8 8 NC HSBC Holdings PLC (HSBA-LSE) 1 UK IFRS 2,864.59
9 9 NC BNP Paribas SA (BNP-ENXTPA) France IFRS 2,849.61
10 10 NC Crédit Agricole Group France IFRS 2,542.61
11 11 NC Citigroup Inc. (C-NYSE) US US GAAP 2,416.68
12 14 ▲ Postal Savings Bank of China Co. Ltd. (1658-SEHK) China IFRS 2,039.56
13 12 ▼ Sumitomo Mitsui Financial Group Inc. (8316-TSE) Japan Japanese 2,006.75
GAAP
14 15 ▲ Mizuho Financial Group Inc. (8411-TSE) Japan Japanese 1,909.35
GAAP
15 18 ▲ Bank of Communications Co. Ltd. (3328-SEHK) China IFRS 1,883.72
16 16 NC Wells Fargo & Co. (WFC-NYSE) US US GAAP 1,881.02
17 19 ▲ Banco Santander SA (SAN-BME) Spain IFRS 1,853.86
18 17 ▼ Barclays PLC (BARC-LSE) UK IFRS 1,823.84
19 13 ▼ JAPAN POST BANK Co. Ltd. (7182-TSE) Japan Japanese 1,719.92
GAAP
20 34 ▲ UBS Group AG (UBSG-SWX)2 Switzerland IFRS 1,679.36
21 20 ▼ Groupe BPCE France IFRS 1,636.35
22 21 ▼ Société Générale SA (GLE-ENXTPA) France IFRS 1,588.99
23 26 ▲ Royal Bank of Canada (RY-TSX)3** Canada IFRS 1,544.17
24 23 ▼ The Toronto-Dominion Bank (TD-TSX) 4** Canada IFRS 1,524.83
25 25 NC China Merchants Bank Co. Ltd. (600036-SHSE) China IFRS 1,470.00
26 24 ▼ Goldman Sachs Group Inc. (GS-NYSE) US US GAAP 1,441.80
27 22 ▼ Deutsche Bank AG (DBK-XTRA) Germany IFRS 1,428.65
28 27 ▼ Industrial Bank Co. Ltd. (601166-SHSE) China PRC GAAP 1,343.54
29 28 ▼ China Citic Bank Corp. Ltd. (998-SEHK) China IFRS 1,239.28
30 29 ▼ Shanghai Pudong Development Bank Co. Ltd. (600000-SHSE)*** China IFRS 1,184.28
31 33 ▲ Morgan Stanley (MS-NYSE) US US GAAP 1,180.23
32 30 ▼ Crédit Mutuel Group5 France IFRS 1,180.22
33 32 ▼ Lloyds Banking Group PLC (LLOY-LSE) UK IFRS 1,057.69
34 35 ▲ China Minsheng Banking Corp. Ltd. (600016-SHSE) China IFRS 1,051.97
35 31 ▼ Intesa Sanpaolo SpA (ISP-BIT) Italy IFRS 1,042.73
36 36 NC ING Groep NV (INGA-ENXTAM) Netherlands IFRS 1,034.32
37 39 ▲ The Bank of Nova Scotia (BNS-TSX)6** Canada IFRS 1,029.80
38 38 NC UniCredit SpA (UCG-BIT) Italy IFRS 916.72
39 40 ▲ China Everbright Bank Co. Ltd. (601818-SHSE) China IFRS 913.49
40 37 ▼ NatWest Group PLC (NWG-LSE) UK IFRS 867.59
41 42 ▲ Bank of Montreal (BMO-TSX)** Canada IFRS 859.05
42 44 ▲ Commonwealth Bank of Australia (CBA-ASX)7 Australia Australian 837.21
IFRS
43 46 ▲ Standard Chartered PLC (STAN-LSE) UK IFRS 819.92
44 43 ▼ La Banque Postale SA France IFRS 796.88
45 48 ▲ Ping An Bank Co. Ltd. (000001-SZSE) China PRC GAAP 771.55
46 47 ▲ Banco Bilbao Vizcaya Argentaria SA (BBVA-BME) Spain IFRS 762.15
47 41 ▼ The Norinchukin Bank Japan Japanese 753.26
GAAP

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212 7th Street NE, Charlottesville, VA 22902 Phone: +1.434.977.1600 Fax:+1.434.293.0407 www.spglobal.com/marketintelligence
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Reprinted from

Ranking the world's 100 largest banks

Current Total
Current Previous vs. Accounting assets
rank^ rank^^ previous Company (ticker-exchange) Headquarters principle (US$B)
48 53 ▲ State Bank of India (SBIN-NSEI) India Indian 694.94
GAAP
49 55 ▲ Canadian Imperial Bank of Commerce (CM-TSX)** Canada IFRS 691.31
50 56 ▲ National Australia Bank Ltd. (NAB-ASX)*** Australia Australian 679.76
IFRS
51 60 ▲ US Bancorp (USB-NYSE) US US GAAP 674.81
52 50 ▼ Rabobank Netherlands IFRS 671.70
53 51 ▼ DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Germany IFRS 670.13
Main
54 52 ▼ ANZ Group Holdings Ltd. (ANZ-ASX)8*** Australia Australian 669.66
IFRS
55 54 ▼ Westpac Banking Corp. (WBC-ASX)*** Australia Australian 653.39
IFRS
56 58 ▲ Nordea Bank Abp (NDA SE-OM) Finland IFRS 635.72
57 49 ▼ CaixaBank SA (CABK-BME)9 Spain IFRS 604.03
58 65 ▲ Sberbank of Russia (SBER-MISX) 10 Russia IFRS 566.07
59 61 ▲ KB Financial Group Inc. (A105560-KOSE) South Korea Korean 557.54
IFRS
60 62 ▲ PNC Financial Services Group Inc. (PNC-NYSE) US US GAAP 557.26
61 57 ▼ Resona Holdings Inc. (8308-TSE) Japan Japanese 557.10
GAAP
62 67 ▲ Truist Financial Corp. (TFC-NYSE) US US GAAP 555.26
63 69 ▲ DBS Group Holdings Ltd. (D05-SGX) Singapore Singapore 554.40
FRS
64 59 ▼ Danske Bank A/S (DANSKE-CPSE) Denmark IFRS 540.66
65 64 ▼ Hua Xia Bank Co. Ltd. (600015-SHSE)*** China PRC GAAP 540.04
66 66 NC Shinhan Financial Group Co. Ltd. (A055550-KOSE) South Korea Korean 537.44
IFRS
67 70 ▲ China Guangfa Bank Co. Ltd.**** China PRC GAAP 528.91
68 63 ▼ Sumitomo Mitsui Trust Holdings Inc. (8309-TSE) Japan Japanese 516.83
GAAP
69 68 ▼ Commerzbank AG (CBK-XTRA) Germany IFRS 510.25
70 71 ▲ Bank of Beijing Co. Ltd. (601169-SHSE)*** China PRC GAAP 491.21
71 74 ▲ Capital One Financial Corp. (COF-NYSE) US US GAAP 455.25
72 76 ▲ Hana Financial Group Inc. (A086790-KOSE) South Korea Korean 452.34
IFRS
73 84 ▲ Itaú Unibanco Holding SA (ITUB4-BOVESPA) Brazil IFRS 439.50
74 78 ▲ Oversea-Chinese Banking Corp. Ltd. (O39-SGX) Singapore Singapore 417.61
FRS
75 75 NC NongHyup Financial Group Inc. South Korea Korean 417.37
IFRS
76 79 ▲ Bank of Jiangsu Co. Ltd. (600919-SHSE)*** China PRC GAAP 410.83
77 73 ▼ The Bank of New York Mellon Corp. (BK-NYSE) US US GAAP 405.78
78 72 ▼ ABN AMRO Bank NV (ABN-ENXTAM) Netherlands IFRS 405.67
79 77 ▼ Bank of Shanghai Co. Ltd. (601229-SHSE)*** China PRC GAAP 405.13
80 83 ▲ Woori Financial Group Inc. (A316140-KOSE) South Korea Korean 382.05
IFRS
81 80 ▼ KBC Group NV (KBC-ENXTBR) Belgium IFRS 380.33
82 87 ▲ China Zheshang Bank Co. Ltd. (2016-SEHK) China IFRS 380.14
83 90 ▲ Banco do Brasil SA (BBAS3-BOVESPA) Brazil IFRS 379.78
84 91 ▲ United Overseas Bank Ltd. (U11-SGX) Singapore Singapore 376.07
FRS
85 81 ▼ Nomura Holdings Inc. (8604-TSE) Japan US GAAP 373.41
86 93 ▲ Landesbank Baden-Württemberg Germany IFRS 346.45
87 88 ▲ Erste Group Bank AG (EBS-WBAG) Austria IFRS 346.12

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Reprinted from

Ranking the world's 100 largest banks

Current Total
Current Previous vs. Accounting assets
rank^ rank^^ previous Company (ticker-exchange) Headquarters principle (US$B)
88 92 ▲ Industrial Bank of Korea (A024110-KOSE) South Korea Korean 343.49
IFRS
89 - ▲ Bank of Ningbo Co. Ltd. (002142-SZSE) China PRC GAAP 343.05
90 99 ▲ Banco Bradesco SA (BBDC4-BOVESPA) Brazil IFRS 340.41
91 86 ▼ Skandinaviska Enskilda Banken AB (publ) (SEB A-OM) Sweden IFRS 338.91
92 - ▲ VTB Bank PJSC (VTBR-MISX) Russia IFRS 335.11
93 85 ▼ Svenska Handelsbanken AB (publ) (SHB A-OM) Sweden IFRS 331.32
94 89 ▼ DNB Bank ASA (DNB-OB) Norway IFRS 328.50
95 100 ▲ Qatar National Bank (QPSC) (QNBK-DSM)* Qatar IFRS 323.56
96 - ▲ National Bank of Canada (NA-TSX)** Canada IFRS 313.67
97 - ▲ Macquarie Group Ltd. (MQG-ASX)*** Australia Australian 313.47
IFRS
98 82 ▼ Nationwide Building Society (NBS-LSE)*** UK IFRS 311.93
99 96 ▼ Raiffeisen Gruppe Switzerland Switzerland Swiss 303.50
GAAP
100 - ▲ First Abu Dhabi Bank PJSC (FAB-ADX) UAE IFRS 302.22
Data compiled April 12, 2023.
Total assets are as of Dec. 31, 2022, unless stated otherwise.
^ Pro forma for mergers as of March 31, 2023.
^^ Not adjusted for pending or completed acquisitions or divestitures in the previous ranking published on April 12, 2022.
* Data is as of March 31, 2023.
** Data is as of Jan. 31, 2023.
*** Data is as of Sept. 30, 2022.
**** Data is as of Dec. 31, 2021.
NC = no change, dash indicates the company was not a part of the top 100 banks in the previous ranking.
1
Financial data adjusted for the pending sale of HSBC Bank Canada, HSBC Bank Oman and OOO HSBC Bank (RR).
2
Financial data adjusted for the pending acquisition of Credit Suisse Group AG.
3
Financial data adjusted for the pending acquisition of HSBC Bank Canada.
4
Financial data adjusted for the pending acquisition of First Horizon Corp.
5
Financial data adjusted for the pending sale of Targobank SA.
6
Financial data adjusted for the pending sale of Crediscotia Financiera SA.
7
Financial data adjusted for the pending sale of Marquee Commonwealth Bank Place Asset.
8
Financial data adjusted for the pending sale of client base of Australia and New Zealand Banking Group Ltd.
9
Financial data adjusted for the pending sale of institutional investment and pension fund depository business of Bankia SA.
10
Financial data adjusted for pending sales of ASA Banka Naša i snažna d.d. S; ATOS BANK a.d. Banja Luka; Nova hrvatska banka d.d.; Sberbank
Magyarország Zrt; N Banka d.d.; Nasa AIK Banka a.d. Beograd.
The banks are ranked by total assets for the most recent period available. Only one institution per corporate structure is included in the
ranking. Rankings account for completed and pending bank deals in which the assets sold are in excess of $300 million or the deal value is in
excess of $200 million.
Only one institution per corporate structure is included in the rankings.
Data is reported in native currencies and converted to US dollars using end-of-period exchange rates.
Companies classified by S&P Global Market Intelligence as “banks” or “savings banks/thrifts/mutuals,” companies regulated in the US as bank
holding companies, or any financial holding companies with significant banking subsidiaries are included in these rankings. Export-Import Bank
of China and Shinkin Central Bank and Korea Development Bank were excluded from the rankings due to the nature of their business models.
Source: S&P Global Market Intelligence.
© 2023 S&P Global.

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Reprinted from

Impact of US GAAP netting/offsetting treatment

Select banks as of Dec 31, 2022
Reported data Adjusted data
Global Total Derivative assets, Total
top 100 assets netting/offsetting Adjusted assets
Company (ticker-exchange) rank (US$B) amounts (US$B) rank (US$B)
JPMorgan Chase & Co. (JPM-NYSE) 5 3,665.74 70.88 5 3,736.62
Bank of America Corp. (BAC-NYSE) 6 3,051.38 48.64 6 3,100.02
Citigroup Inc. (C-NYSE) 11 2,416.68 369.68 10 2,786.36
Wells Fargo & Co. (WFC-NYSE) 16 1,881.02 56.16 14 1,937.18
Goldman Sachs Group Inc. (GS-NYSE) 26 1,441.80 417.66 17 1,859.46
Morgan Stanley (MS-NYSE) 31 1,180.23 312.49 26 1,492.72
US Bancorp (USB-NYSE) 51 674.81 5.43 50 680.23
PNC Financial Services Group Inc. (PNC-NYSE) 60 557.26 2.24 59 559.50
Truist Financial Corp. (TFC-NYSE) 62 555.26 1.77 62 557.02
Capital One Financial Corp. (COF-NYSE) 71 455.25 1.13 71 456.38
The Bank of New York Mellon Corp. (BK-NYSE) 77 405.78 8.21 76 413.99
Nomura Holdings Inc. (8604-TSE)* 85 373.41 0.18 85 373.59
Data compiled April 12, 2023.
US GAAP allows the netting of derivative assets and the related cash collateral where a legally enforceable master netting
agreement exists with counterparty. This provision is limited under other accounting standards like IFRS and causes
significant differences in total assets reported under the different accounting regimes. The chart seeks to narrow these
differences by making the required adjustments on a best-efforts basis.
* Represents derivative amounts as of March, 31, 2022.
Data is reported in native currencies and converted to US dollars using the end-of-period exchange rates.
Source: S&P Global Market Intelligence.
© 2023 S&P Global.

In total, 22 Asia-Pacific banks’ rankings rose in 2022, 14 The 2022 deposit outflows proved to be a prelude to a li-
fell and seven were unchanged. Ten Chinese banks posted quidity crunch that emerged in March and risks restraining
increases, the highest number in the region. There were de- lending. US banks were already reporting tightening loan
clines for seven of the eight Japanese banks. standards over recession fears at the end of last year.

Deposit outflows shrink US banks U.S. Bancorp was a notable riser in the rankings, jumping
nine spots to 51st place. Its assets increased 17.7%, helped
US banks generally suffered asset declines in 2022 as tighter by the acquisition of much of Mitsubishi UFJ Financial Group
monetary policy prompted customers to withdraw deposits Inc.’s US operations. The purchase is part of a string of large
built up during the pandemic. The decline in cash and secu- cross-border deals including overseas lenders selling US
rities outweighed strong loan growth, which was fueled by businesses and Canadian banks expanding in the US.
high inflation and a healthy economy.

The trends applied to the 11 US banks among the world’s 100

largest and to the nation’s lenders as a whole.

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