Amid global economic woes and the fluctuating fortunes of China's economy, last year would hardly be considered the best time to launch a new bank, especially in a relatively remote area where only 3 million people live on a 1.2 million square kilometer plateau.

But against all odds, including bitter competition between eight established lenders in Lhasa, capital of the Tibet autonomous region, Bank of Tibet made its debut on May 22, 2012.

The new bank notched an 18 million yuan ($2.9 million) profit in 2012 and a bad-debt ratio of nil, a figure that very few banks in China can boast of.