China has three of the world's top five banks, according to The Banker magazine's latest Top 1000 World Banks ranking.

The ranking shows that the world's biggest banks continue to lose ground to their Chinese counterparts.

The Industrial and Commercial Bank of China topped the ranking for the third consecutive year, with US$248.6 billion of Tier 1 capital.

It's followed by China Construction Bank with US$202.1 billion and J.P. Morgan & Co. with US$186.6 billion.

Bank of China jumped from seventh to fourth.

The top four Chinese banks are also the world's most profitable. The combined profits of all the Chinese banks listed in the ranking are almost double those of their rivals in the United States and 10 times bigger than those of banks in the United Kingdom.

  Mitsubishi UFJ

 

Mitsubishi UFJ [File photo]

Country: Japan

Tier 1 capital: US$117.6 billion

Previous rank: 10