HONG KONG (MarketWatch) — Industrial & Commercial Bank of China Ltd., China’s largest bank, was again the world’s most profitable bank in 2013, with $55 billion in earnings, a Reuters report said, citing an industry survey. It was the fourth successive year in which ICBC topped the profit list, according to the annual survey by The Banker magazine. In 2013, the world’s top 1,000 banks made a record $920 billion in profit, with 32% of the total coming from China’s banks, the survey said.
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Banks in the U.S. earned $183 billion in total, contributing 20% to the global pool, of which Well Fargo Co. (WFC) made $32 billion, the most among its domestic peers. However, the share of profit made by banks in the euro zone shrank to 3% from 25% before the 2008 financial crisis, with Italian banks losing $35 billion in total, the worst across the globe. (MarketWatch)
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