Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Emirates NBD Bank’s market capitalisation increased by 23.03% at the end of Q3, 2024 when compared to the previous quarter, marking the highest growth in the entire Middle East and Africa region, according to S&P Global Market Intelligence data. Its market cap reached $34 billion at the end of September after it reported a first-half profit of Dh13.78 billion, the highest among the UAE banks.
S&P Global Market Intelligence has released a list of top 20 banks by market cap at the end of September in the Middle East and Africa region.
Saudi Arabia’s bank Al Rajhi Banking & Investment Corp tops the list with market cap of $93.05 billion followed by the Saudi National Bank ($54.40 billion), Qatar National Bank ($43 billion), First Abu Dhabi Bank ($41.30 billion), Kuwait Finance House ($38.85 billion) and Emirates NBD Bank ($34.91 billion).
Abu Dhabi Commercial Bank with market cap with $16.77 billion and Mashreq Bank ($13.16 billion) and Abu Dhabi Islamic Bank ($12.58 billion) are the other UAE banks among the top 20 banks by market cap in Middle East and Africa.
Of the top 20 banks in the region, 16 recorded an improvement in their market cap in at the end of Q3, 2024 from the previous quarter.
According to a report by Fitch Ratings on August 5, Saudi Arabian lenders are expected to remain the strongest in the Gulf region in the coming years in terms of asset quality, capitalisation, profitability, and liquidity, driven by government efforts to bolster non-oil economic growth through its Vision 2030 strategy.
