CBA, Westpac among world's most profitable banks
Two of Australia's biggest banks rate among the most profitable in the world, according to a new survey by The Banker magazine.
Its July issue, which features its Top 1000 World Banks survey, lists the Commonwealth Bank as the world's 12th most profitable bank (US5.5bn profits) while Westpac ranks 21st (US$4.6bn).
Both banks have risen remarkably in the last 12 months. Last year the CBA ranked 58th and Westpac, 62nd.
The list provides a snapshot of the impact of the global financial crisis on the world order. Three of the top five most profitable banks are Chinese with the list headed by ICBC with profits of US$21.3bn. Just two US banks make it on the top 25.
At the other end of the scale, Royal Bank of Scotland (RBS) suffered the biggest loss globally (US$59bn) followed by Citigroup and Wells Fargo.
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