With the industry afloat on a sea of red ink, you cannot carp about a bank that nets $9.5bn of profits in six months. Industrial and Commercial Bank of China, the world’s biggest bank with a market capitalisation of $235bn, generated more profits than any other bank. Second-ranked HSBC, with a market capitalisation $50bn smaller, earned almost $2bn less.

ICBC, chaired by Jiang Jianqing, is in the right place at the right time. Beijing pulled its banks out of near-insolvency earlier this decade, then partially privatised the recapitalised lenders. Foreign strategic investors came on board to supply technical expertise. China’s rampant growth also offers a virtual licence to print money. Most lending is still done at or close to regulated rates, giving a generous net interest rate margin of about 300 basis points. Credit growth has been running above 16 per cent. Finally, a fizzing home market reduces the temptation for big overseas expansion. ICBC and its compatriots have their (small) share of toxic made-in-the-US products but, unlike HSBC, they are not lending to stressed US or UK home-owners.