Both modern and traditional banks have been created to meet the funding and financial management requirements of individuals and businesses. These financial institutions operate as businesses themselves, generating substantial profits from the services they offer. In addition to fees and ongoing charges, banks also levy interest on loans. The interest rate applied may differ based on the individual, the bank, and their credit history. Consequently, banks can generate substantial profits from their services. Currently, the Industrial and Commercial Bank of China Limited holds the title of the world’s largest bank, boasting an impressive asset value of $5.5 trillion.
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Source: WERGS Consultancy