The total market capitalisation of the world’s 25 largest banks climbed 35.8% year on year to $6.1 trillion by the end of the fourth quarter on 31 December 2025, according to GlobalData.
Gains were recorded across North America, Europe and parts of Asia, driven by resilient earnings, interest rates remaining elevated for longer, and stronger investor appetite for banking stocks.
Chinese lenders continued to dominate the upper ranks. Industrial and Commercial Bank of China held third place globally after its market value rose 14.7% to $376.3 billion.
Agricultural Bank of China posted a sharper increase of 48.7% to $373.5 billion, closing the gap with its larger rivals.
China Construction Bank’s valuation climbed 26.8% to $269 billion, though it slipped to eighth position. Bank of China gained 10.2% to $244.1 billion and remained in tenth place.
GlobalData noted that investor sentiment was buoyed by policy support and signs of improving asset quality, despite a patchy economic recovery.
Elsewhere in the Asia-Pacific region, Japan’s Mitsubishi UFJ Financial Group saw its market value jump 33.2% to $189.2 billion, while Sumitomo Mitsui Financial Group rose 32.5% to $124.8 billion.
Singapore’s DBS Group advanced 36.5% to $124.4 billion. In India, HDFC Bank increased 7.1% to $169.7 billion, retaining its position as one of the largest emerging-market banks.
Looking ahead, GlobalData said banks are entering 2026 with a more stable outlook, supported by strong capital buffers and improved risk management. However, it cautioned that slower economic growth, anticipated interest rate cuts and continued stress in areas such as commercial real estate could pressure margins, particularly for some US regional banks.
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