HSBC has jumped from third to first place in the latest annual Banker magazine survey of the world’s top one thousand banks (Top 10001). HSBC is the first non-US company in nine years to lead the survey and tops the rankings by virtue of its Tier 1 capital and profit before tax, which last year reached a new high.
The survey found that US banks now account for just 14% of aggregate Top 1000 pre-tax profits, down from 24% last year, while Asian banks rose to 19% from 12%. European bank profits remained flat at 41% of the total.
In April, HSBC also topped the Forbes 2000 list of world’s largest companies – the first non-US company to do so, having delivered 26% growth in annual revenue and 31% in net income over the past five years.