HSBC moves to top slot in Bankers 1,000 list

Written by Banking Bureau | Mumbai, Jul 14 | Updated: Jul 15 2008, 08:37am hrs
HSBC has jumped from third to first place in the latest annual Banker magazine survey of the worlds top one thousand banks. HSBC is the first non-US company to lead the survey since 1999 and tops the rankings by virtue of its Tier-1 capital and profit before tax, which last year reached a new high.

The survey found that US banks now account for just 14% of aggregate Top 1000 pre-tax profits, down from 24 % last year, while Asian banks rose to 19% from 12%. European bank profits remained flat at 41% of the total.

In April, HSBC also topped the Forbes 2000 list of worlds largest companies the first non-US company to do so, having delivered 26% growth in annual revenue and 31% in net income over the past five years.

With assets of some $2,354 billion as on December 31, 2007, HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in 83 countries.