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 | ||||
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Rank | Company Name | Domicile | Total Assets (USD million) | Report Date |
1 | Industrial & Commercial Bank of China | China | 6,256,940 | 12/31/23 |
2 | Agricultural Bank of China | China | 5,622,090 | 12/31/23 |
3 | China Construction Bank | China | 5,364,918 | 12/31/23 |
4 | Bank of China | China | 4,540,031 | 12/31/23 |
5 | China Development Bank | China | 2,611,361 | 12/31/23 |
6 | Bank of Communications | China | 1,968,261 | 12/31/23 |
7 | China Merchants Bank | China | 1,543,827 | 12/31/23 |
8 | Industrial Bank | China | 1,422,018 | 12/31/23 |
9 | Agricultural Development Bank of China | China | 1,394,821 | 12/31/23 |
10 | China CITIC Bank | China | 1,267,216 | 12/31/23 |
11 | Shanghai Pudong Development Bank | China | 1,260,883 | 12/31/23 |
12 | China Minsheng Bank | China | 1,074,383 | 12/31/23 |
13 | China Everbright Bank | China | 948,093 | 12/31/23 |
14 | Export-Import Bank of China | China | 893,938 | 12/31/23 |
15 | Ping An Bank | China | 787,783 | 12/31/23 |
16 | State Bank of India | India | 741,202 | 3/31/24 |
17 | Hua Xia Bank | China | 595,605 | 12/31/23 |
18 | Bank of Beijing | China | 524,760 | 12/31/23 |
19 | China Guangfa Bank | China | 494,688 | 12/31/23 |
20 | Bank of Jiangsu | China | 479,724 | 12/31/23 |
21 | Banco do Brasil | Brazil | 447,233 | 12/31/23 |
22 | China Zheshang Bank | China | 443,149 | 12/31/23 |
23 | Bank of Shanghai | China | 434,922 | 12/31/23 |
24 | HDFC Bank | India | 433,851 | 3/31/24 |
25 | Itaú Unibanco | Brazil | 413,429 | 12/31/23 |
26 | Kookmin Bank | South Korea | 408,315 | 12/31/23 |
27 | Shinhan Bank | South Korea | 394,827 | 12/31/23 |
28 | Banco Bradesco | Brazil | 394,325 | 12/31/23 |
29 | Hana Bank | South Korea | 382,938 | 12/31/23 |
30 | Bank of Ningbo | China | 382,225 | 12/31/23 |
31 | Caixa Economica Federal | Brazil | 376,881 | 12/31/23 |
32 | Woori Bank | South Korea | 351,294 | 12/31/23 |
33 | Industrial Bank of Korea | South Korea | 346,267 | 12/31/23 |
34 | Qatar National Bank | Qatar | 338,090 | 12/31/23 |
35 | Bank of Nanjing | China | 322,898 | 12/31/23 |
36 | First Abu Dhabi Bank | Uae | 318,190 | 12/31/23 |
37 | NongHyup Bank | South Korea | 307,812 | 12/31/23 |
38 | Saudi National Bank | Saudi Arabia | 276,555 | 12/31/23 |
39 | CTBC Financial Holding | Taiwan | 270,185 | 12/31/23 |
40 | Korea Development Bank | South Korea | 266,015 | 12/31/23 |
41 | China Bohai Bank | China | 244,239 | 12/31/23 |
42 | Banco Santander (Brasil) | Brazil | 237,400 | 12/31/23 |
43 | Emirates NBD Bank | Uae | 234,912 | 12/31/23 |
44 | ICICI Bank | India | 224,472 | 3/31/24 |
45 | Malayan Banking Berhad | Malaysia | 221,333 | 12/31/23 |
46 | Al Rajhi Bank | Saudi Arabia | 215,493 | 12/31/23 |
47 | Chongqing Rural Commercial Bank | China | 203,188 | 12/31/23 |
48 | Bank of Taiwan | Taiwan | 200,732 | 12/31/23 |
49 | Bank of Baroda | India | 190,203 | 3/31/24 |
50 | Punjab National Bank | India | 187,329 | 3/31/24 |