Top 25 banks’ market cap rises 27.1% in Q4 2024

ICBC is APAC’s top bank in terms of market cap; DBS rises to 23rd spot.

The world’s top 25 banks saw their market capitalization (market cap) increase by 27.1% year-on-year (YoY) to $4.6t in Q4 2024, according to GlobalData.

Most of the banks’ stocks rose in Q4, benefitting from the US Federal Reserve’s interest rate cuts.

JPMorgan Chase & Co. remained the world’s top bank in terms of market cap, which grew by 37.2% YoY in end-Q4 compared to the same quarter in 2023. Its market cap is now $674.9b— more than double that of Bank of America (BofA).

BofA’s market cap grew by 26.6% YoY to $337.2b over the same period.

The Industrial and Commercial Bank of China (ICBC) is the top Chinese and Asian bank in terms of market cap, and the third largest globally. Its market cap grew 37.8% YoY in Q4, to $328.2b.

The Agricultural Bank of China and Wells Fargo closed the top 5.

Bank of China ($221.6b), China Construction Bank ($212.2b), and HSBC ($176.9b) also made it into the top 10.

Other Asia Pacific banks that made it are the Commonwealth Bank of Australia (CBA) with a $158.7b market cap; India’s HDFC Bank, at $158.5b; Mitsubishi UFJ, at $142b; China Merchants Bank, at $134.7b; and ICICI Bank, at $105.7b.

Singapore’s DBS Group also made it at the 23rd rank of GlobalData’s chart, with a market cap of $91.2b.