Revenue growth at the top lenders in the Asia Pacific region was hit by extended lockdowns and the real estate crisis in China.
The top 20 banks in APAC registered revenue growth of just 4% to $1.6 trillion in 2022, according to data analytics firm GlobalData. This compares to 11.4 percent revenue growth in 2021.
«Out of the top 20 banks, 13 were from China, and they reported a meager 0.8 percent average revenue growth, due to extended lockdowns, weak credit demand, and real estate crisis,» said Murthy Grandhi, company profiles analyst at GlobalData.
Korea, Japan
Of the top 20 APAC lenders, only three managed to record double-digit revenue growth in 2022. This includes Korea’s Hana Financial (50.4 percent increase) and KB Financial (16.1 percent increase) as well as Japan’s Mizuho Financial (19.9 percent increase).
«2023 has brought its own new challenges for the banking sector, including an evolving geopolitical landscape, the US regional banking crisis, the UBS-Credit Suisse merger, weakening credit demand, and stagflation,» Grandhi added.
«With these headwinds, the top APAC banks are likely to continue to face growth challenges.»
