Last year's global profits were up 23 per cent from the previous year to their highest ever level, led by profits of
Banks in the eurozone contributed just three per cent to the global profit pool, down from 25 per cent before the 2008 financial crisis, the study showed. Italian banks lost
The magazine said ICBC kept its position as the world's strongest bank, based on how much capital they hold — which reflects their ability to lend on a large scale and endure shocks.
ICBC, which took the top position last year for the first time, was one of four Chinese banks in the latest top 10.
The Banker said African banks made the highest returns on capital last year of 24 per cent — double the average in the rest of the world and six times the average return of four per cent at European lenders.
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