3 Jul 2012

Chinese banks top profit earners

6:06 am on 3 July 2012

New findings suggest China now has the three most profitable banks in the world.

In an annual survey, The Banker magazine found Chinese banks generated 29% of total global banking profits, compared with 4% five years ago.

By contrast, European banks accounted for only 6% of global profit last year.

According to the ratings, all but one of the 25 worst-performing banks came from within Europe.

The Industrial Bank of China is ranked the world's most profitable bank.