Best bank: Bank of China
In a year marked by historic lending growth in China, state-owned banks have taken the lead, defying the traditional dominance of smaller banks in driving loan expansion. Among these state-owned giants, Bank of China (BoC) has emerged as a standout performer, securing its position as China’s best bank this year.
AfE 2024
While most Chinese banks have managed to increase profits solely through the reduction of impairment losses, effectively thinning their security buffers, BoC has delivered robust financial performance. The bank reported revenue of Rmb624.1 billion ($85.9 billion), representing 6.4% year-on-year growth, with net interest income rising by 1.6% to Rmb466.6 billion and non-interest income rising by an impressive 23.9% to Rmb157.6 billion. BoC maintained a low non-performing loan ratio of 1.27% as of the end of 2023, a decrease of 0.05