According to GlobalData, the international banking sector experienced a fragmented 2025 as the rapid growth seen in previous years began to stabilize and global risks were reassessed. Rather than following a uniform trend, different regions reacted to specific local economic pressures: Russian banks surged due to wartime interest conditions, Chinese firms struggled with shrinking margins, and U.S. and European institutions reported largely steady or varied results.
JPMorgan Chase maintained its status as the world’s revenue leader at $280 billion, despite its growth rate cooling significantly from previous years. Similarly, Bank of America and Citigroup saw minor revenue dips but managed to keep profits stable. This U.S. trend suggests that while banks still benefit from relatively high interest rates, these gains are being tempered by increased funding costs and a slowdown in dealmaking and trading.
In contrast, China’s largest lenders—including ICBC and China Construction Bank—faced revenue declines of up to 6.5%. This was primarily due to policy easing and lower lending rates intended to stimulate the domestic economy. Despite these tighter margins, these banks continued to report double-digit asset growth, indicating a commitment to providing credit even as demand softens.
European performance remained inconsistent; Banco Santander and BNP Paribas saw double-digit profit growth fueled by retail banking and geographic variety, while HSBC’s profits declined as its performance normalized. Meanwhile, Russia’s Sberbank and VTB Bank posted massive revenue jumps of nearly 40%, though analysts attribute this to a sheltered, state-supported domestic market with minimal competition rather than improved operational efficiency.
The report concludes that the era of “easy gains” from rising interest rates is ending. Moving forward, GlobalData expects the banking industry to enter a phase of slower growth where success will depend on internal efficiency, disciplined risk management, and diversification rather than favorable macroeconomic shifts.
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