The top 25 global banks experienced a 20.1% year-on-year (YoY) increase in market capitalisation (MCap), reaching $4.7t by the end of the first quarter of 2025, according to GlobalData. This growth was largely driven by central banks’ interest rate cuts, which boosted net interest income across the sector.
DBS Group Holdings ranked 24th spot during the period. By MCap, the bank grew 43.3% YoY to $99b.
JPMorgan Chase retained its position as the world’s largest bank by MCap, increasing by 17.7% YoY to $679b, primarily due to higher investment banking fees. Goldman Sachs and Morgan Stanley also saw significant growth, with increases of 24.1% YoY and 20.8% YoY respectively, attributed to improved capital market activity and strong wealth management performance.
Chinese banks, including ICBC and Bank of China, reported MCap growth ranging from 15% YoY to 40% YoY, supported by loan growth and government stimulus for infrastructure. Indian banks also performed well, with HDFC Bank’s MCap rising by 23.8% to $163.3 billion, reflecting the strength of India’s digital banking sector.
However, not all banks fared well. TD Bank’s MCap fell by 1.1% YoY to $105.9b, due to subdued retail banking growth and concerns over mortgage delinquencies in Canada.
Despite these gains, GlobalData warns of potential challenges ahead. Murthy Grandhi, Company Profiles Analyst at GlobalData, noted: “The latest US tariffs have heightened global recession fears, which could reduce consumer spending and curtail business borrowing.” The outlook for Q2 2025 remains uncertain, with trade negotiations and monetary policy responses being key factors.
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