Forbes Middle East has unveiled its ranking of the ’30 Most Valuable Banks’, highlighting the strong, profitable, and customer-focused banking giants in the region.
As of February 23, 2024, these 30 banks had a total value of US$581.1 billion, showing a 14% increase over the past year. The majority of the banks in the ranking are from the Gulf region, with 26 out of the 30 based in the GCC. The list includes banks from seven different markets, with Saudi Arabia leading the way with 10 entries totaling $279.5 billion in market value. The UAE follows with seven entries valued at $128.7 billion, while Qatar has six entries worth $73.6 billion.
The top spot on the 2024 list is held by Saudi-based Alrajhi Bank, with a market value of $96.6 billion, up by $21.7 billion in the last year. The bank reported total assets of $215.5 billion and a net profit of $4.4 billion as of December 2023. Saudi National Bank and First Abu Dhabi Bank take the second and third positions with market values of $68.2 billion and $41.5 billion, respectively. These three banks alone make up over 35% of the total value of the 30 banks on the list. However, the combined market cap of the top three banks is still lower than the total value of the 10 Saudi banks on the list, which amounts to $279.5 billion.
Forbes Middle East compiled the ranking by gathering data from Middle Eastern banks listed on stock exchanges in the Arab world and ranking them based on their reported market value as of February 23, 2024. Subsidiaries of listed companies were not included in the ranking.
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