Shanghai Commercial bank has been chosen by The FT to be named the most profitable commercial bank for the fourth year running, according to data released on Monday.
According to the report, the bank has generated revenues of almost $4.4bn, with the average balance of a borrower at the time of writing at just $4,737.
It’s also the fourth-most profitable bank in the country.
It’s also a leader in terms of the number of commercial bank branches it has.
The FT points out that it’s been operating at about 3,400 branches and has over 4,600 commercial banks in the mainland.
The bank has a total of 1,600 branches in mainland China, of which 2,000 are in Shanghai.
“With a portfolio of more than 300,000 assets, Shanghai Commercial banks’ ability to meet a wide range of commercial and financial needs is exceptional,” FT chief China editor Matthew Goodwin said.
“Its high level of commercial banking experience, particularly in Shanghai, gives it a high degree of confidence in its ability to provide quality, sustainable, competitive commercial banking services to its customers and its customers’ businesses.”
The FT cites its financial strength as a key reason for the bank’s high ranking.
It said the bank is a leader both in terms and performance of its commercial banking operations.
“In the past year, it has increased its commercial lending capacity by more than two-thirds, to more than $4bn and its average balance has more than doubled, to $3,750,” it said.
“At the same time, it also has diversified its business activities and has acquired a number of assets, including property assets, industrial assets and financial assets.”
It also notes that the bank offers its customers a wide choice of commercial products, from credit cards and financial products to small and medium-sized businesses.
“It offers high-quality credit products to businesses, and has broadened its product offerings to cater to the diverse needs of the Chinese economy,” it added.
The FT’s report, which looked at all commercial banks, has been compiled using data from the Shanghai Commercial Banking Association and Shanghai Banking Association.