Chinese banks continue to grow despite growing trade tensions and a weakening yuan. 

China's "big four" state-owned commercial banks have consolidated their dominance among the world's biggest banks, occupying the top four spots on the annual list by S&P Global Market Intelligence, published Thursday.

Collectively, the four banks have a combined asset value of $13.784 trillion, or 1.07 percent more than the year before. The financial data provider noted that if not for the yuan's 5 percent slide against the dollar in 2018, the annual increase would have been 6.84 percent.

The country also has the highest number of institutions on the list: 19, which collectively hold $24.160 trillion worth of assets. Two of them – China Zheshang Bank (99th) and the combined entity to result from the pending merger of BB&T and SunTrust Banks (62nd) – are new to the list.

U.S. Second

The United States is home to the second-most banks on the list, with 12. They have a combined holding of $12.847 trillion. J.P. Morgan is the country's largest, with $12.847 trillion in assets, placing the bank sixth globally. S&P noted that had it would have been fourth if it had reported in IFRS instead of U.S. GAAP. Under IFRS, the gross value of derivatives are reported while U.S. GAAP requires the net value to be reflected.

Bank of America reach its highest-ever position this year, placing eighth, with $2.355 trillion, a 3.21 percent year-on-year increase. It leapfrogged BNP Paribas, whose assets slipped by 0.32 pecent to $2.337 trillion due to a strengthening of the dollar against the euro despite its assets increasing 4.54 pecent in euro terms.

Singapore Banks Climb

Three Singapore banks featured on the list: DBS Bank, which improved two places to 68th, Oversea-Chinese Banking Corporation (OCBC), which also improved two places to 78th, and United Overseas Bank, which climbed from 93rd to 89th.

Top 10

  1. Industrial & Commercial Bank of China (China, $4,027.44 billion)
  2. China Construction Bank (China, $3,376.52 billion)
  3. Agricultural Bank of China (China, $3,287.35 billion)
  4. Bank of China (China, $3,092.21 billion)
  5. Mitsubishi UFJ Financial Group (Japan, $2,812.88 billion)
  6. JPMorgan Chase & Co. (United States, $2,622.53 billion)
  7. HSBC Holdings (United Kingdom, $2,558.12 billion)
  8. Bank of America (United States, $2,354.51 billion)
  9. BNP Paribas (France, $2,336.66 billion)
  10. Crédit Agricole Group (France, $2,123.61 billion)