The Industrial and Commercial Bank of China Ltd was ranked the world's third most profitable global company last year, according to a report by Forbes magazine.

The bank, which has a net profit of $32.2 billion, followed Russia's energy giant Gazprom with a net profit of more than $44.4 billion, and Exxon Mobil with a net profit of $41.6 billion, according to the report issued on July 30.

ICBC's net profit increased 25.6 percent year on year in 2011.