This year has been a tough one so far for the global banking sector, with the collapse of Silicon Valley Bank flaming fears of a contagion effect. However, to date, MENA’s banks appear immune to the financial unrest thanks to solid liquidity buffers, low-cost and stable customer deposits, and a lack of exposure to failed U.S. banks.
According to a report by Moody’s, GCC banks are resilient to the U.S. banks’ distress thanks to broad franchises and their sovereign footprint. The report also referred to the rapid growth of Islamic finance across GCC banking systems, adding that deposits at these banks are lower cost than at conventional banks and support the banks’ profitability at times of high-interest rates.
Our list of the region’s most valuable banks features entities from 10 markets. The 50 banks had an aggregate market value of $548.1 billion as of February 28, 2023. GCC banks dominate with 41 entries, representing 82% of the list. Saudi Arabia and the U.A.E. are the most represented countries, with 10 entries each.
Saudi Arabia’s 10 most valuable banks have an aggregate market value of $223.5 billion. The U.A.E.’s 10 entries are worth $121.2 billion, Qatar’s eight banks have a market value of $81.3 billion, and Kuwait’s seven entries are worth $76.2 billion. Saudi Al Rajhi Bank tops the list with a market cap of $75 billion, followed by Saudi National Bank with $56.4 billion.
1. Al Rajhi Bank
2. Saudi National Bank (SNB)
3. QNB Group
4. First Abu Dhabi Bank (FAB)
5. Kuwait Finance House (KFH)
6. National Bank of Kuwait (NBK)
7. Emirates NBD
8. Riyad Bank
9. Saudi British Bank (SABB)
10 . ADCB Group
11 . Alinma Bank
12 . Qatar Islamic Bank (QIB)
13 . Dubai Islamic Bank (DIB)
14 . Banque Saudi Fransi (BSF)
15 . Abu Dhabi Islamic Bank (ADIB)
16 . Bank Albilad
17 . Arab National Bank (ANB)
18 . Attijariwafa bank
19 . Mashreqbank
20 . Masraf Al Rayan
21 . Commercial Bank
22 . Bank Muscat
23 . Commercial International Bank (CIB)
24 . Banque Centrale Populaire (BCP Group)
25 . Arab Bank
26 . Qatar International Islamic Bank (QIIB)
27 . Saudi Investment Bank (SAIB)
28 . Dukhan Bank
29 . Bank AlJazira (BAJ)
30 . Commercial Bank of Dubai (CBD)
31 . National Bank of Bahrain (NBB)
32 . Bank of Africa
33 . Commercial Bank of Kuwait (Al-Tijari)
34 . Gulf Bank
35 . Ahlibank
36 . National Bank of Fujairah (NBF)
37 . Burgan Bank Group
38 . Bank of Bahrain and Kuwait (BBK)
39 . National Bank of Ras Al Khaimah (RAKBANK)
40 . Al Ahli Bank of Kuwait (ABK)
41 . Sharjah Islamic Bank (SIB)
42 . The Housing Bank for Trade and Finance (HBTF)
43 . Warba Bank
44 . Doha Bank
45 . Sohar International Bank
46 . BankDhofar
47 . National Bank of Oman (NBO)
48 . Banque Internationale Arabe de Tunisie (BIAT)
49 . CIH Bank
50 . Capital Bank Group