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CMSPI – IAC State of the Industry Report
CMSPI – IAC State of the Industry Report
Appendix Comprehensive financial information on card issuers NET REVENUE (USD MILLIONS): Issuers 2019 2020 2021 2022
Issuers
2019 43% 36% 30%
2020 44% 22%
2021 41% 38% 37% 36% 34% 49% 46% 36% 35% 38% 52%
2022 41% 33% 21% 33% 36% 50% 48% 48% 36% 25% 27%
2023 45% 29% 26% N/A N/A 52% 47% 52% N/A 16% 16%
JPMorgan Chase Bank of America
Wells Fargo
3%
China Construction Bank 37% Agricultural Bank of China 34%
34% 33% 49% 43% 34% 35% 18% 11%
2023
ICBC
50% 46%
JPMorgan Chase Bank of America
$115,399 $119,543 $121,649 $128,695 $158,104
Bank of China
$91,244 $86,832
$85,528 $74,264
$89,113 $79,166
$94,950 $74,368
$98,581
China Merchants Bank 43% Bank of Communications 38%
Wells Fargo $82,597 China Construction Bank $107,444 $169,220 $183,542 $180,787 N/A Agricultural Bank of China $76,536 $112,755 $125,288 $112,113 N/A ICBC $94,371 $136,824 $149,440 $130,170 $113,987 Bank of China $66,888 $97,076 $105,146 $90,627 $88,217 China Merchants Bank $32,809 $49,642 $57,529 $53,273 $47,926 Bank of Communications $28,318 $42,193 $46,825 $42,269 N/A Citigroup $74,286 $74,298 $71,884 $75,338 $78,462 Capital One $28,593 $28,523 $30,435 $34,250 $36,787
Citigroup
32% 24%
Capital One
VALUATION (MARKET CAPITALIZATION IN USD BILLIONS): Issuers 2019 2020 2021
2022
2023
JPMorgan Chase Bank of America
$429.91 $311.20 $222.43
$387.33 $262.20 $124.77 $192.21 $164.93 $262.02 $131.39 $167.79 $45.50 $128.37 $45.21
$466.19 $359.38 $186.44 $175.35 $157.86 $244.82 $131.02 $193.30 $49.55 $119.82 $60.05
$393.34 $265.70 $157.33 $157.96 $142.37 $211.12 $125.71 $136.09 $46.81 $87.60 $35.48
$491.76 $266.45 $178.74 $152.14 $175.59 $223.80 $150.44 $96.81 $53.60 $98.44 $49.93
Wells Fargo
OPERATING INCOME (USD MILLIONS): Issuers 2019
China Construction Bank $217.99 Agricultural Bank of China $182.19
2020
2021
2022
2023
ICBC
$434.30 $147.14
JPMorgan Chase Bank of America
$50,130 $32,754 $25,967
$52,887 $18,995 $2,505 $57,566 $37,008 $67,059 $42,134 $16,647 $14,780 $13,632 $3,203
$50,306 $33,976 $29,563 $65,688 $41,998 $73,758 $48,018 $20,817 $16,310 $27,469 $15,809
$52,555 $30,969 $15,629 $59,034 $39,976 $65,633 $43,832 $25,515 $15,177 $18,807 $9,240
$70,932 $28,342 $21,636
Bank of China
China Merchants Bank $216.88 Bank of Communications $56.57
Wells Fargo
China Construction Bank $39,718 Agricultural Bank of China $25,894
N/A N/A
Citigroup
$168.89 $46.98
Capital One
ICBC
$47,646 $30,481
$59,642 $41,782 $24,964
Bank of China
China Merchants Bank $14,245 Bank of Communications $10,726
N/A
Citigroup
$23,901 $6,874
$12,910 $6,045
Capital One
OPERATING MARGIN:
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