In January 2025, London, the United Kingdom (UK) based data analytics and research company GlobalData Plc released a report on the Top 25 Global Banks by Market Capitalization in the fourth quarter (Q4) of 2024, with the New York, United States of America (USA) based JPMorgan Chase & Co remains as the world’s largest bank by market capitalization (MCap) recording an increase of 37.2% to USD 674.9 billion by the end of Q4 of 2024 from Q4 of 2023.
- USA-based Bank of America Corporation (BAC) secured the 2nd position with USD 337.2 billion, while China-based Industrial and Commercial Bank of China (ICBC) ranked 3rd with USD 328.2 billion.
- In Q4 2024, India’s HDFC bank Limited dropped from 7th to 13th position compared to Q4 2023, ICICI bank Limited moved up one spot to 19th from 20th position, and State Bank of India (SBI) retained its 24th position.
Top 5 Global Banks by MCap :
| Rank | Bank | Country | Market Capitalization (USD/ Billion) |
|---|---|---|---|
| 1 | JPMorgan Chase & Co | New York, the USA | 674.9 |
| 2 | Bank of America Corporation(BAC) | North California, the USA | 337.2 |
| 3 | Industrial and Commercial Bank of China (ICBC) | Beijing, China | 328.2 |
| 4 | Agricultural Bank of China(ABC) | Beijing, China | 251.1 |
| 5 | Wells Fargo | California, the USA | 235.0 |
Rank of Indian Banks:
| Rank | Bank | Headquarters | Market Capitalization (USD/ Billion) |
|---|---|---|---|
| 13 | HDFC Bank Limited | Mumbai, Maharashtra | 158.5 |
| 19 | ICICI Bank Limited | Mumbai, Maharashtra | 105.7 |
| 24 | State Bank of India(SBI) | Mumbai, Maharashtra | 82.9 |
Key Highlights:
i.The aggregate MCap of the top 25 global banks rose by 27.1% year-on-year (YoY), reaching USD 4.6 trillion in Q4 ended December 31, 2024, compared to the same period in 2023.
ii.Indian banks showed resilience, with ICICI Bank leading with a 25.8% rise in MCap to USD 105.7 billion, highlighting the growth of India’s digital banking and credit ecosystem.
- HDFC Bank’s MCap grew by 1.6% to USD 158.5 billion, driven by rising competition and cost pressures.
iii.USA-based Goldman Sachs saw a remarkable 42.9% growth, climbing from 13th to 9th place in the rankings.
iv.China’s top four banks-ICBC, Bank of China, ABC, and China Construction Bank, recorded annual market value growth of 30% to 40%.
About GlobalData Plc:
Chief Executive Officer (CEO) – Mike Danson
Headquarters – London, the United Kingdom (UK)
Founded – 1999
