Diversified Banks


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. KB Financial Group Inc KB5,7978,14015,54413,84313,05413,07216,14317,9177,12014,44314,02916,26517,35915,22512.5309,902,31319,832,52424,016,60125,247,560
2. Grupo Aval Acciones y Valores S.A AVAL8,0527,7996,56312,833,77111,598,43117,426,10920,263,03021,535,260
3. Shinhan Financial Group Co., Ltd SHG1,7083,6945,3409,12210,13814,67617,35116,08915,61514,30914,25615,05513,93511.63013,496,36314,596,53715,892,38020,546,225
4. Bancolombia S.A CIB5676645487481,1191,8921,9923,1213,7814,3023,7334,3485,8985,7265,3458,968,78313,576,40814,842,37314,491,12215,689,621
5. Mitsubishi UFJ Financial Group, Inc MUFG20,48020,38221,81523,17533,37151,25648,56343,13753,48748,32948,56547,74242,77640602,946,3383,639,5213,367,1653,462,531
6. Sumitomo Mitsui Financial Group, Inc SMFG21,74031,26219,20728,61933,09842,59529,66630,12442,54844,64543,27642,3172.6402,961,0833,352,0142,969,8752,417,266
7. Banco de Chile BCH1,1088771,1539261,2051,6131,7982,6603,5992,0393,1003,6474,2153,9816.4401,717,5591,687,5421,837,6422,005,218
8. Banco Santander-Chile BSAC1,1721,7541,7371,3081,7772,2172,5443,4193,9752,9853,8044,3034,7313,9883,8302.481,673,1881,791,8891,824,1881,912,754
9. Mizuho Financial Group, Inc MFG29,98826,07836,03343,60534,67730,45632,39932,77029,7762.571.7602,094,4442,254,8591,892,2991,956,926
10. Itaú Corpbanca ITCB4115705477881,0057359651,3391,9282,4134.580.6873,5221,056,5181,4761,221,40801,216,986
11. ICICI Bank Limited IBN2,0641,9435512,8123,1313,8495,6929,40114,97412,5739,0088,9099,29810,15510,2180.050785,632847,042921,3121,051,204
12. HDFC Bank Limited HDB1772994095156818381,2291,9293,1243,8834,3745,3246,4977,6618,47600462,122567,758667,628791,746
13. Banco Macro S.A BMA2334195708211,1151,2481,2251,4781,8321,9112,14815,17421,47131,16261,534265,924
14. Grupo Financiero Galicia S.A GGAL2,4991,9539647871,0571,0481,0111,2321,2761,5082,4753,0223,1883,53718,44332,32445,12884,325155,347
15. Itaú Unibanco Holding S.A ITUB6,6537,1036,0317,0489,18012,57319,29026,46230,48955,01760,91866,39261,16352,20462,1911,137114,763114,763106,444101,548113,147
16. Danske Bank A/S DNKEY10,83811,45013,14814,51818,65221,08128,85628,95924,10216,25416,16016,32614,86912,7806,84986,56591,13559,904103,955
17. Banco Bradesco S.A BBD12,67012,11513,29116,07817,54223,91329,89339,55739,99559,54569,05012,0469,0315,0593,82320996,37291,19488,79199,281
18. Absa Group Limited AGRPY2,8395,0026,2866,2995,2717,66010,47410,41311,60811,0428,9918,6888,3348,04560,24376,06376,57880,06183,809
19. Wells Fargo & Company WFC27,56828,37529,22631,80033,87640,40747,97953,59351,65298,63669,45787,44478,86981,47182,95283,61584,49785,86184,66482,376
20. HSBC Holdings plc HSBC47,95946,15140,32554,72269,05490,464107,605133,968129,63689,32889,66897,88783,89381,51679,60256,01860,80763,43963,58768,067
21. Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México BSMX233433248.4851,04155,87980,16168,002
22. JPMorgan Chase & Co JPM58,93450,42943,37244,36356,93179,90299,302116,353101,491100,434102,69497,26197,14496,60694,20550,03349,58549,52753,97058,382
23. BNP Paribas SA BNPQY48,20646,13249,93657,07877,410109,857144,460123,637128,625122,549112,447119,551120,344107,72143,58973,83178,41551,94455,005
24. Banco Santander (Brasil) S.A BSBR9,33410,24024,90125,37626,94021,49218,97222,43029835,85436,90437,75146,338
25. Royal Bank of Canada RY14,77215,55814,74118,24319,85024,53831,64042,85230,42534,79134,85435,08137,49436,44736,55313,37627,8586,7842,80312,41828,81938,2292,80612,59329,43840,3342,88742,55545,92647,104
26. Banco Santander, S.A SAN34,60035,35333,80033,43635,46551,73062,27384,91399,16095,28586,48094,73196,55191,87685,22157,71947,40552,39443,71345,164
27. Swedbank AB (publ) SWDBY12,34110,3429,41010,35210,9829,1507,4474,38339,16940,78242,50645,072
28. Bank of America Corporation BAC57,88553,15146,36249,00665,44785,064115,689119,190113,106119,643110,22093,45483,33488,94284,24782,50783,70187,35291,24742,353
29. Lloyds Banking Group plc LYG22,61123,03322,92726,37028,47950,67255,47157,16828,62767,47864,12653,47856,86853,53938,86719,829115,54518,99040,07718,80134,25122,00041,911
30. The Toronto-Dominion Bank TD13,09813,09510,60711,87213,09115,79519,86826,70721,21323,58225,00927,23330,35229,73429,7877,72433,99935,83538,52840,72943,284
31. Grupo Supervielle S.A SUPV2,9578335,6199,81514,26527,71240,103
32. Société Générale Société anonyme SCGLY27,89926,13426,75925,36435,81258,69384,942105,12794,29381,74778,04086,983102,627135,612104,94725,53344,08946,07333,03932,927
33. Intesa Sanpaolo S.p.A ISNPY34,08831,75927,26115,46627,78526,26329,08331,583
34. The Bank of Nova Scotia BNS12,47713,25211,74913,08113,48515,51320,02927,99821,95322,90423,10026,08626,27127,03226,79119,8293,34835,15518,99025,93634,63118,80126,74837,94528,21630,38431,094
35. Citigroup Inc C111,826112,02292,55694,713108,276120,318146,905157,333105,66880,28586,60178,35375,21076,464105,779106,07869,87571,44972,85426,939
36. Bank of Montreal BMO11,99110,5518,2839,84210,65112,72415,97121,41316,32014,85515,11817,46820,98019,82518,90358,7704,87642,82720,94757,09421,87452,27422,87025,33225,025
37. Banco Bilbao Vizcaya Argentaria, S.A BBVA24,65525,85325,00223,05524,74926,59737,54247,08448,72147,50641,21044,86248,56946,01540,13922,65625,49924,95823,76924,191
38. Barclays PLC BCS23,58427,16527,62932,59237,12446,64065,52176,92758,41260,19359,06461,39652,30257,34646,94662,88021,45121,07621,13621,632
39. U.S. Bancorp USB6,99816,38115,42214,57114,70616,59618,98020,30819,13819,49013,58321,13618,18218,03818,71018,96119,78120,46221,14221,379
40. Westpac Banking Corporation WBK6,7506,1726,4958,66611,59814,07815,95722,60325,89730,52937,36241,59343,50335,82033,29934,2752,49933,07935,15520,95434,85634,63121,50639,12237,94522,15220,63119,890
41. Canadian Imperial Bank of Commerce CM14,97313,41210,67412,71713,42615,18417,69824,26010,19212,37014,06815,76717,04916,28215,3312,59514,93916,17917,71318,51918,662
42. Australia and New Zealand Banking Group Limited ANZBY6,7496,1506,2268,61512,29515,68718,68926,20028,61625,63029,57934,10436,41831,26930,29013,97713,31820,69313,99821,28416,21018,17717,68517,542
43. ING Groep N.V ING46,92766,01680,23287,03692,24983,60596,316110,75892,83369,11872,41370,90056,16436,08318,66223,55317,81318,41118,30416,960
44. National Australia Bank Limited NABZY12,79112,64811,55915,09817,31921,39023,99132,95632,73631,12433,33137,10440,52933,85931,70412,42720,88616,61617,46616,60316,422
45. Credicorp Ltd BAP1,0651,0188458849571,0581,1591,6151,8582,0962,3582,7473,5683,9704,40710,24812,51413,35713,48714,743
46. DBS Group Holdings Ltd DBSDY3,4413,3843,2453,6484,2046,7017,8386,9205,9346,6357,3288,4089,1869,2867,18011,43512,27313,09214,543
47. The Royal Bank of Scotland Group plc RBS30,60031,34835,53843,51056,76316,44562,96320,85572,26891,60572,08671,28751,55749,17539,02440,55228,19927,858210,14028,81912,71629,43812,71613,34111,985
48. United Overseas Bank Limited UOVEY2,2402,7112,5703,0313,7685,5276,5956,0054,9865,7445,9897,2607,3687,7305,2027,2337,9648,5189,342
49. National Bank of Canada NTIOF3,6833,2162,7253,4113,8414,4385,6817,4194,8484,8715,0695,9136,7666,7436,59234,2754,21435,1555,82534,6316,57437,9457,1387,3987,899
50. Bank of Ireland Group plc BKRIY4,6254,6065,3196,0177,0898,73212,35818,04513,2116,6015,2576,1195,2225,7985,05228,6862,96930,5554,49435,0124,5883,7835,607
51. First National of Nebraska, Inc FINN1,2161,2961391,1611,2381,1781,2931,381
52. The Bank of N.T. Butterfield & Son Limited NTB371306141281364481676822604238128348337357363369407449511532
53. HFB Financial Corporation HFBA14.7616.7116.8210.3113.1212.6114.0915.6716.3


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. KB Financial Group Inc KB1.41.41.910.890.9411.231.110.42.030.971.161.070.8800INF21.211.05
2. Grupo Aval Acciones y Valores S.A AVAL0.970.970.841955.510.91.51.161.06
3. Shinhan Financial Group Co., Ltd SHG2.162.161.451.711.111.451.180.930.970.9211.060.9300INF1.081.091.29
4. Bancolombia S.A CIB1.171.170.831.371.491.691.051.571.211.140.871.161.360.970.931677.941.511.090.981.08
5. Mitsubishi UFJ Financial Group, Inc MUFG111.071.061.441.540.950.891.240.910.980.90.010INF1.240.931.03
6. Sumitomo Mitsui Financial Group, Inc SMFG1.441.440.611.491.161.290.71.021.411.050.970.9800INF1.130.890.81
7. Banco de Chile BCH0.790.791.320.81.31.341.111.481.350.571.521.181.160.9400INF0.981.091.09
8. Banco Santander-Chile BSAC1.51.50.990.751.361.251.151.341.160.751.271.131.10.840.960674764.491.071.021.05
9. Mizuho Financial Group, Inc MFG0.870.871.381.210.80.881.061.010.9100.680INF1.080.841.03
10. Itaú Corpbanca ITCB1.391.390.961.441.280.731.311.391.441.2500.131457802.541.210827.420INF
11. ICICI Bank Limited IBN1.41.40.940.285.111.111.231.481.651.590.840.720.991.041.091.0100INF1.081.091.14
12. HDFC Bank Limited HDB1.691.691.371.261.321.231.471.571.621.241.131.221.221.181.1100INF1.231.181.19
13. Banco Macro S.A BMA1.81.81.361.441.361.120.981.211.241.041.127.061.411.451.974.32
14. Grupo Financiero Galicia S.A GGAL0.780.780.490.821.340.990.961.221.041.181.641.221.051.115.211.751.41.871.84
15. Itaú Unibanco Holding S.A ITUB1.071.070.851.171.31.371.531.371.151.81.111.090.920.851.190.02100.910.930.951.11
16. Danske Bank A/S DNKEY1.061.061.151.11.281.131.3710.830.670.991.010.910.860.5412.641.050.661.74
17. Banco Bradesco S.A BBD0.960.961.11.211.091.361.251.321.011.491.160.170.750.560.760.05460.470.950.971.12
18. Absa Group Limited AGRPY1.761.761.2610.841.451.370.991.110.950.810.970.960.977.491.261.011.051.05
19. Wells Fargo & Company WFC1.031.031.031.091.071.191.191.120.961.910.71.260.91.031.021.011.011.020.990.97
20. HSBC Holdings plc HSBC0.960.960.871.361.261.311.191.240.970.6911.090.860.970.980.71.091.0411.07
21. Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México BSMX1.481.480.990.720.356020.481.091.430.85
22. JPMorgan Chase & Co JPM0.860.860.861.021.281.41.241.170.870.991.020.9510.990.980.530.9911.091.08
23. BNP Paribas SA BNPQY0.960.961.081.141.361.421.310.861.040.950.921.061.010.90.41.691.060.661.06
24. Banco Santander (Brasil) S.A BSBR1.11.12.431.021.060.80.881.180.01120.21.031.021.23
25. Royal Bank of Canada RY1.051.050.951.241.091.241.291.350.711.1411.011.070.9710.372.080.240.414.432.321.330.074.492.341.370.0714.741.081.03
26. Banco Santander, S.A SAN1.021.020.960.991.061.461.21.361.170.960.911.11.020.950.930.680.821.110.831.03
27. Swedbank AB (publ) SWDBY0.840.840.911.11.060.830.810.598.941.041.041.06
28. Bank of America Corporation BAC0.920.920.871.061.341.31.361.030.951.060.920.850.891.070.950.981.011.041.040.46
29. Lloyds Banking Group plc LYG1.021.0211.151.081.781.091.030.52.360.950.831.060.940.730.515.830.162.110.471.820.641.91
30. The Toronto-Dominion Bank TD110.811.121.11.211.261.340.791.111.061.091.110.9810.264.41.051.081.061.06
31. Grupo Supervielle S.A SUPV0.280.286.741.751.451.941.45
32. Société Générale Société anonyme SCGLY0.940.941.020.951.411.641.451.240.90.870.951.111.181.320.770.241.731.040.721
33. Intesa Sanpaolo S.p.A ISNPY0.930.930.860.571.80.951.111.09
34. The Bank of Nova Scotia BNS1.061.060.891.111.031.151.291.40.781.041.011.131.011.030.990.740.1710.50.541.371.340.541.421.420.741.081.02
35. Citigroup Inc C110.831.021.141.111.221.070.670.761.080.90.961.021.3810.661.021.020.37
36. Bank of Montreal BMO0.880.880.791.191.081.191.261.340.760.911.021.161.20.940.953.110.088.780.492.730.382.390.441.110.99
37. Banco Bilbao Vizcaya Argentaria, S.A BBVA1.051.050.970.921.071.071.411.251.030.980.871.091.080.950.870.561.130.980.951.02
38. Barclays PLC BCS1.151.151.021.181.141.261.41.170.761.030.981.040.851.10.821.340.340.9811.02
39. U.S. Bancorp USB2.342.340.940.941.011.131.141.070.941.020.71.560.860.991.041.011.041.031.031.01
40. Westpac Banking Corporation WBK0.910.911.051.331.341.211.131.421.151.181.221.111.050.820.931.030.0713.241.060.61.660.990.621.820.970.580.930.96
41. Canadian Imperial Bank of Commerce CM0.90.90.81.191.061.131.171.370.421.211.141.121.080.960.940.175.761.081.091.051.01
42. Australia and New Zealand Banking Group Limited ANZBY0.910.911.011.381.431.281.191.41.090.91.151.151.070.860.970.460.951.550.681.520.761.120.970.99
43. ING Groep N.V ING1.411.411.221.081.060.911.151.150.840.741.050.980.790.640.521.260.761.030.990.93
44. National Australia Bank Limited NABZY0.990.990.911.311.151.241.121.370.990.951.071.111.090.840.940.391.680.81.050.950.99
45. Credicorp Ltd BAP0.960.960.831.051.081.111.11.391.151.131.121.171.31.111.112.331.221.071.011.09
46. DBS Group Holdings Ltd DBSDY0.980.980.961.121.151.591.170.880.861.121.11.151.091.010.771.591.071.071.11
47. The Royal Bank of Scotland Group plc RBS1.021.021.131.221.30.293.830.333.471.270.790.990.720.950.791.040.70.997.540.140.442.320.431.050.9
48. United Overseas Bank Limited UOVEY1.211.210.951.181.241.471.190.910.831.151.041.211.011.050.671.391.11.071.1
49. National Bank of Canada NTIOF0.870.870.851.251.131.161.281.310.6511.041.171.1410.985.20.128.340.175.950.195.770.191.041.07
50. Bank of Ireland Group plc BKRIY1.241.2411.151.131.181.231.421.460.730.50.81.160.851.110.875.680.110.290.157.790.130.821.48
51. First National of Nebraska, Inc FINN1.131.131.070.118.381.070.951.11.07
52. The Bank of N.T. Butterfield & Son Limited NTB1.071.070.820.461.991.291.321.41.220.740.390.542.730.971.061.021.021.11.11.141.04
53. HFB Financial Corporation HFBA1.131.131.010.611.270.961.121.111.04