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Forbes Center East has revealed its ‘30 Most Useful Banks’ rating, that includes the resilient, worthwhile, and customer-centric banking titans within the area.
As of February 23, 2024, the 30 banks had a mixed worth of US$581.1 billion, up 14 % over the past 12 months. Gulf entities dominate this yr’s rating, with 26 of the 30 primarily based within the GCC. The rating represents banks from seven markets. Saudi Arabia makes up a 3rd of the record with 10 entries, with an mixture market worth of $279.5 billion. The UAE follows with seven entries at a market worth of $128.7 billion. Qatar positioned third with six entries value $73.6 billion.
Saudi-based alrajhi financial institution leads the 2024 record. Its market worth climbed by $21.7 billion over the past 12 months to hit $96.6 billion. The financial institution recorded complete property value $215.5 billion as of December 2023, with a web revenue of $4.4 billion. Saudi Nationwide Financial institution and First Abu Dhabi Financial institution spherical up the highest three with $68.2 billion and $41.5 billion in market worth, respectively. Mixed, these three giants amassed $206.3 billion in market worth, constituting over 35 % of the mixture value of the 30 banks on the rating. Nonetheless, the whole market cap of the area’s prime three most useful banks is lower than the cumulative value of the ten Saudi banks on the record, value $279.5 billion.
To assemble the record, Forbes Center East compiled knowledge from Center Jap banks listed on inventory exchanges within the Arab world and ranked corporations primarily based on their reported market worth as of twenty third February, 2024. Listed subsidiaries of different listed corporations have been excluded.
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