Chinese megabanks’ assets grow 16% as Japan and India stalls

Singaporean banks’ assets also logged double-digit growth in 2025.

Chinese banks continued to dominate the top 50 banks in the Asia Pacific region, recording strong asset growth in 2025, whilst banks in Japan, South Korea, Australia, and India logged low single-digit asset growth.

The four largest Chinese lenders—Agricultural Bank of China (ABC), Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Bank of China (BOC)—recorded about 16% year-on-year (YoY) growth in assets in US dollar terms as of 31 December 2025, according to S&P Global Market Intelligence.

Chinese banks were likely lifted by the government’s $75.46b (RMB520b) capital injection in four state-owned banks in 2025. In March 2026, the Chinese government further announced plans to issue $44.11b (RMB300b) in special government bonds to recapitalise ICBC and ABC.

The state-owned Chinese megabanks are the largest in the world by assets and amongst the Global Systemically Important Banks (G-SIBs).

All three Singaporean banks—DBS, OCBC, and UOB—also posted double-digit asset growth, lifted by strong deposit inflows, S&P said.

Singapore’s safe-haven image was an advantage, leading to liquidity flow amidst geopolitical uncertainties, said Kathy Chan, equity analyst for Morningstar, quoted in the S&P Market Intelligence report.

Funds from maturing treasury bills also flowed into deposits as interest rates declined, Chan was quoted saying.

In contrast, banks in Japan and India saw limited movement on the rankings, S&P said.

Mitsubishi UFJ Financial Group (MUFG) slipped one place to sixth after posting a 1.5% asset growth to $2.67t. The other two Japanese megabanks—Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group—held their positions and also logged low single-digit growth.

The Japanese megabanks were likely weighed by an aging population and subdued credit demand.

In India, credit growth slowed in 2025 after the Reserve Bank of India (RBI) tightened regulations on unsecured retail lending.

State Bank of India is India’s largest lender, maintaining its 19th position in APAC. It logged a 3.6% asset growth to $877.07b in 2025. HDFC Bank slipped down two places to 35th place, S&P said.

(US$1 = RMB6.80)