Both modern and traditional banks were created to meet the financial needs of individuals and businesses. These financial institutions are profit-driven businesses that generate revenue from the services they offer. In addition to fees and charges, banks also charge interest on loans. The interest rate varies based on factors such as credit history and the specific bank. Consequently, banks can earn substantial profits from their services. Currently, the Industrial and Commercial Bank of China Limited holds the title of the world’s largest bank, with assets valued at $5.5 trillion.
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