Photo Courtesy of Business Week
HSBC has jumped from third to first place in the latest annual Banker magazine survey of the world’s top one thousand banks. HSBC is the first non-US company to lead the survey since 1999 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.
With assets of some $2,354 billion as on December 31, 2007, HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in 83 countries.