The list includes QNB Group, Qatar Islamic Bank, Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank who have made it to the ranking of the top banks in their respective categories.
Doha, Qatar: Six Qatari banks have been ranked among ‘30 Most Valuable Banks 2024’ list in the Middle East by Forbes magazine.
The list includes QNB Group, Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank (QIIB) who have made it to the ranking of the top banks in their respective categories in April’s issue of Forbes Middle East.
MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices. According to Fitch Ratings’ 2024 outlook report, rising interest rates and oil prices will support overall solid economic conditions for the Middle East and maintain reasonable levels of liquidity, profitability, and adequate capital buffers in most GCC banking systems in 2024.
Qatar’s six banks have a market value of $73.6bn, among which QNB Group ranked fifth in ‘30 Most Valuable Banks 2024’. “With a presence in more than 28 countries across Asia, Africa, and Europe, the QNB Group serves more than 30 million customers through a network of nearly 1,000 branches. In October 2023, the group launched QNB Payment Gateway in Qatar to provide local merchants with digital payment solutions.”
“The Group’s total assets hit $338.2bn as of December 2023, with a net profit of $4.3bn, an increase of 8.4 percent compared to 2022. Qatar Investment Authority owns 51.84 percent of the bank,” noted the April 2023 issue of the magazine.
The next on the list according to Forbes Middle East April 2024 issue was QIB which ranked 13th The bank had a network of 23 branches in Qatar and one branch in Sudan, with investments in the U.K. and Lebanon as of December 2023. QIB’s net profit hit $1.2bn in 2023, while its total assets stood at $52bn. In November 2023, QIB issued a $500m USD-denominated five-year sukuk. Qatar Holding, the investment arm of Qatar Investment Authority, is QIB’s largest shareholder, with a 16.87 percent stake.
Masraf Al Rayan came 21st in the ranking, while Dukhan Bank ranked 23rd, Commercial Bank 24th, and QIIB 27th.
The magazine stated, “Our 2024 list of MENA’s 30 most valuable banks features entities from seven markets, with 26 entries being Gulf-based. The aggregate market value of the 30 most valuable banks has grown by 14 percent over the last 12 months, hitting $581.1bn as of February 23, 2024.”
Saudi Arabia represents a third of the list with 10 entries, with an aggregate market value of $279.5bn. The UAE follows with seven entries at a market value of $128.7bn. Qatar has six entries worth $73.6bn, and Morocco and Kuwait have three and two banks valued at $20.7bn and $65.5bn, respectively.
alrajhi bank continues to top the list, having seen its market value grow by $21.7bn over the last 12 months to hit $96.6bn. Saudi National Bank and First Abu Dhabi Bank follow with $68.2bn and $41.5bn in market value.
