World’s Safest Banks 2024: Biggest Emerging Market Banks

A weak economy hasn’t stopped Chinese banks from expanding their balance sheets; once again, they dominate our rankings. 

China continues to search for antidotes to an ailing economy and the deterioration of its real estate market, and the banking sector continues to expand. GDP growth rose to 5.2% in 2023, up from 3% in 2022, but it is now forecast by the International Monetary Fund (IMF) to fall to 4.8% in 2024 and further, to 4.5%, the following year. Meanwhile, China has contributed to balance sheet growth for each of the institutions that earned a place in our ranking of the biggest emerging market banks.

China claims the top 15 spots and 25 entries overall out of 50, with an average increase in assets of 7%; together, the country accounts for 90% of aggregate assets represented in our ranking.

India has posted high GDP growth in recent years, including 8.2% last year, according to the IMF, and the five Indian banks that earned a place in our top 50 have expanded strongly as well. In 2023—our year-end for these rankings—HDFC Bank, the country’s largest private sector bank, completed its merger with India’s largest housing finance company, like-named HDFC Ltd., boosting the bank’s assets by 50% in the country’s largest M&A deal to date. The remaining four Indian banks in our ranking averaged 7.5% balance sheet expansion during 2023.

While South Korea’s economy has rebounded this year, GDP slid to a three-year low of 1.4% in 2023, likely contributing to asset growth under 1% for all seven of the Korean banks represented in our ranking.

A broader picture emerges when looking at the 50 biggest emerging market banks without the dominant Chinese institutions. This view broadens the global scope of the top 20 alone, where China holds 19 spots. The expanded view adds three more Indian banks, for a total of eight, as well as representions from Africa, Latin America and more from the Middle East.

50 Biggest Emerging markets Banks 2024
RankCompany NameDomicileTotal Assets
(USD million)
Report Date
1Industrial & Commercial Bank of ChinaChina 6,256,94012/31/23
2Agricultural Bank of ChinaChina 5,622,09012/31/23
3China Construction BankChina 5,364,91812/31/23
4Bank of ChinaChina 4,540,03112/31/23
5China Development BankChina 2,611,36112/31/23
6Bank of CommunicationsChina 1,968,26112/31/23
7China Merchants BankChina 1,543,82712/31/23
8Industrial BankChina 1,422,01812/31/23
9Agricultural Development Bank of ChinaChina 1,394,82112/31/23
10China CITIC BankChina 1,267,21612/31/23
11Shanghai Pudong Development BankChina 1,260,88312/31/23
12China Minsheng BankChina 1,074,38312/31/23
13China Everbright BankChina 948,09312/31/23
14Export-Import Bank of ChinaChina 893,93812/31/23
15Ping An BankChina 787,78312/31/23
16State Bank of IndiaIndia 741,2023/31/24
17Hua Xia BankChina 595,60512/31/23
18Bank of BeijingChina 524,76012/31/23
19China Guangfa BankChina 494,68812/31/23
20Bank of JiangsuChina 479,72412/31/23
21Banco do BrasilBrazil 447,23312/31/23
22China Zheshang BankChina 443,14912/31/23
23Bank of ShanghaiChina 434,92212/31/23
24HDFC BankIndia 433,8513/31/24
25Itaú UnibancoBrazil 413,42912/31/23
26Kookmin BankSouth Korea 408,31512/31/23
27Shinhan BankSouth Korea 394,82712/31/23
28Banco BradescoBrazil 394,32512/31/23
29Hana BankSouth Korea 382,93812/31/23
30Bank of NingboChina 382,22512/31/23
31Caixa Economica FederalBrazil 376,88112/31/23
32Woori BankSouth Korea 351,29412/31/23
33Industrial Bank of KoreaSouth Korea 346,26712/31/23
34Qatar National BankQatar 338,09012/31/23
35Bank of NanjingChina 322,89812/31/23
36First Abu Dhabi BankUae 318,19012/31/23
37NongHyup BankSouth Korea 307,81212/31/23
38Saudi National BankSaudi Arabia 276,55512/31/23
39CTBC Financial HoldingTaiwan 270,18512/31/23
40Korea Development BankSouth Korea 266,01512/31/23
41China Bohai BankChina 244,23912/31/23
42Banco Santander (Brasil)Brazil 237,40012/31/23
43Emirates NBD BankUae 234,91212/31/23
44ICICI BankIndia 224,4723/31/24
45Malayan Banking BerhadMalaysia 221,33312/31/23
46Al Rajhi BankSaudi Arabia 215,49312/31/23
47Chongqing Rural
Commercial Bank
China 203,18812/31/23
48Bank of TaiwanTaiwan 200,73212/31/23
49Bank of BarodaIndia 190,2033/31/24
50Punjab National BankIndia 187,3293/31/24
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