ICBC biggest profit earner in the world

Pedestrians walk past a branch of ICBC (Industrial and Commercial Bank of China) in Shanghai, China, Dec 4, 2014. [Photo/IC]

Industrial and Commercial Bank of China (ICBC), the country's largest bank by market value, has strengthened its position by becoming the biggest profit earner in the world.

The bank topped the ranking by raking in $44,763 million in profit, followed by Apple Inc with $39,510 million and China Construction Bank with $36,976 million, according to the Global 500 list published by the Fortune magazine on Wednesday.

It is the first time that a Chinese company has reported the highest profit among the world's largest companies ranked on the list based on their revenue earning. Wal-Mart Stores, Sinopec and Royal Dutch Shell lead the revenue rank this year.

A total of 106 Chinese companies made this year's Fortune Global 500 list, up from 100 firms last year.

In 2014, the world's 500 largest companies generated $31.2 trillion in revenues, tripling the levels two decades ago, and $1.7 trillion in profits. Together, these companies employ 65 million people worldwide and are represented in 36 countries.

Related story: SOEs keep hold on Fortune 500, by Wei Tian in Shanghai

Private companies usually perform better when it comes to profitability State-owned enterprises continue to dominate China's top 500 companies in terms of revenue, but their private counterparts are gaining strength, Fortune Magazine said on Monday.

The total revenue of the 500 companies increased 10.4 percent last year to 28.9 trillion yuan ($4.6 trillion), equivalent to more than half of China's GDP. Total profits were 2.5 trillion yuan.

Oil giants China Petrochemical Corp and China National Petroleum Corp held onto their undisputed leading positions, coming first and second on the latest Fortune 500 list.

They generated 2.88 trillion yuan and 2.26 trillion yuan, respectively, in sales in 2013.