• S&P Global average return on tangible equity for 2023 was -15.37, a 58.19% increase from 2022.
• S&P Global average return on tangible equity for 2022 was -36.76, a 46.99% decline from 2021.
• S&P Global average return on tangible equity for 2021 was -69.34, a 36.5% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.