Global Banks
The world's largest banks, each shown on the profitability metric it actually reports , ROE, RoTCE, RoTE , so the returns compare across markets. Most now sit near the top of their post-GFC valuation range, so the question is less which banks are good than what you are paying for the return.
MARKET COMPARISON
- Median return
- 16.4%
- Median P/B
- 2.07x
- Median return
- 12.8%
- Median P/B
- 2.63x
- Median return
- 13.6%
- Median P/B
- 1.71x
- Median return
- 15.8%
- Median P/B
- 1.78x
- Median return
- 15.1%
- Median P/B
- 1.89x
- Median return
- 13.7%
- Median P/B
- 1.99x
- Median return
- 11.6%
- Median P/B
- 2.07x
- Median return
- 11.6%
- Median P/B
- 1.83x
A SAMPLE OF THE 105-BANK TABLE
| BANK | RETURN METRIC | RETURN | P/TBV | FWD P/E |
|---|---|---|---|---|
| American ExpressAXP | ROE | 34.1% | 6.65x | 19.5x |
| BNYBK | RoTCE | 24.9% | 3.86x | 16.2x |
| SynchronySYF | RoTCE | 23.0% | 1.71x | 9.2x |
| Raymond JamesRJF | RoTCE | 21.7% | 3.17x | 14.7x |
| Morgan StanleyMS | RoTCE | 21.6% | 3.84x | 17.2x |
| JPMorganJPM | RoTCE | 21.5% | 3.16x | 14.2x |
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