This article discusses the 5 Largest Banks in The World by Market Cap. If you want to get detailed analysis on the global banking market analysis, you can head on to 20 Largest Banks in The World by Market Cap.
5. Royal Bank of Canada (NYSE:RY)
Market Capitalization: $136.5 billion
Royal Bank of Canada is a leading Canadian multinational financial services organization and the largest bank in Canada based on market capitalization. For the quarter ending on January 31, 2024, there was a 2.1% increase in net interest income, which signifies the difference between the interest earned on loans and the interest paid out on deposits. The adjusted profit for this period amounted to $4.07 billion, or $2.85 per share, exceeding analysts’ forecast of $2.80 per share. However, this figure was lower compared to the $4.26 billion or $3.04 per share reported in the same quarter of the previous year.
4. HSBC Holdings plc (NYSE:HSBC)
Market Capitalization: $148.6 billion
HSBC Holdings plc, originally The Hongkong and Shanghai Banking Corporation, is a British financial services group based in London, with business reach in East Asia. For the year ending 31 December 2023, revenue rose by 30% to $66.1 billion, surpassing forecasts. Net interest margin increased to 1.66% from 1.48% in 2022, and the common equity tier 1 ratio improved to 14.8% from 14.2% in 2022.
3. Wells Fargo & Company (NYSE:WFC)
Market Capitalization: $197.0 billion
Wells Fargo & Company is a prominent American multinational financial services corporation with a substantial worldwide footprint. For the quarter ending on Dec. 31, 2023, Wells Fargo reported a net income of $3.45 billion, equivalent to 86 cents per share, showing a slight increase from $3.16 billion, or 75 cents per share, compared to the previous year. This quarter’s earnings were impacted by a $1.9 billion charge from a Federal Deposit Insurance Corporation special assessment related to Silicon Valley Bank and Signature Bank failures, as well as a $969 million charge from severance expenses.
2. Bank of America Corporation (NYSE:BAC)
Market Capitalization: $270.4 billion
Bank of America Corporation, an American multinational investment bank and financial services holding company, is based at the Bank of America Corporate Center in Charlotte, North Carolina, with additional investment banking and support offices in Manhattan. The gross profit for the twelve months ending December 31, 2023, amounted to $98.581 billion, marking a 3.82% rise compared to the previous year. In 2023, Bank of America’s annual gross profit reached $98.581 billion, showing a 3.82% increase from 2022 when the gross profit was $94.95 billion, representing a 6.55% increase from 2021.
1. JPMorgan Chase & Co. (NYSE:JPM)
Market Capitalization: $533.7 billion
JPMorgan Chase & Co. is an American multinational financial institution with its headquarters in New York City and incorporation in Delaware. For the twelve months ending December 31, 2023, JPMorgan Chase had revenue totaling $158.10 billion, reflecting a growth of 22.85% compared to the previous year. In the quarter ending December 31, 2023, the revenue was $38.57 billion, showing a year-over-year growth of 11.66%. Across the entire year of 2023, JPMorgan Chase recorded an annual revenue of $158.10 billion, marking a 22.85% growth rate.
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