Both contemporary and conventional banks have been established to fulfill the financing and financial organization needs of individuals and businesses. These monetary establishments function as profit-generating businesses themselves, deriving significant earnings from the services they provide. Along with fees and continuous charges, banks also impose interest on loans.
The interest rate applied may vary depending on the individual, the bank, and their credit record. As a result, banks can generate considerable profits from their offerings. Presently, the Industrial and Commercial Bank of China Limited holds the prestigious position of being the largest bank globally, boasting an impressive asset value of $5.5 trillion.