In Doha, Qatar, Forbes magazine unveiled its ’30 Most Valuable Banks 2024′ list for the Middle East, spotlighting six Qatari banks.
QNB Group, Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank (QIIB) have all earned recognition as top performers within their respective categories, as disclosed in the April issue of Forbes Middle East.
Over the past year, the MENA region’s banking sector has demonstrated resilience, buoyed by upward trends in interest rates and oil prices. Fitch Ratings’ 2024 outlook report anticipates that these favorable conditions will underpin solid economic growth in the Middle East, maintaining satisfactory levels of liquidity, profitability, and capital reserves across most GCC banking systems throughout 2024.
Collectively, Qatar’s six banks boast a market value of $73.6 billion. Notably, QNB Group clinched the fifth spot in the ’30 Most Valuable Banks 2024′ ranking. With almost 1,000 locations, the group serves over 30 million customers in more than 28 countries throughout Asia, Africa, and Europe. The QNB Payment Gateway was launched in October 2023 in Qatar, adding even more value to the group’s offerings by giving regional retailers cutting-edge digital payment options.
The group’s total assets as of December 2023 increased to $338.2 billion, with a $4.3 billion net profit—a remarkable 8.4 percent gain over 2022 figures. The magazine’s April 2023 issue made clear that 51.84 percent of the bank is substantially owned by Qatar Investment Authority.
QIB came in at number thirteen on the illustrious list, according to the Forbes Middle East April 2024 issue. As of December 2023, the bank had 23 branches operating throughout Qatar, one branch in Sudan, and investments in the United Kingdom and Lebanon. In the same period, QIB recorded a net profit of $1.2 billion, with total assets reaching $52 billion. Notably, in November 2023, QIB issued a $500 million USD-denominated five-year sukuk. Qatar Holding, the investment arm of Qatar Investment Authority, holds the largest stake in QIB, amounting to 16.87 percent ownership.
Masraf Al Rayan claimed the 21st spot in the ranking, followed by Dukhan Bank at 23rd, Commercial Bank at 24th, and QIIB at 27th.
The magazine highlighted, “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 $581.1 billion as of February 23, 2024.”
Saudi Arabia dominates a third of the list with 10 entries, boasting an aggregate market value of $279.5 billion. The UAE follows closely with seven entries, amounting to a market value of $128.7 billion. Qatar is represented by six entries, collectively valued at $73.6 billion, while Morocco and Kuwait contribute three and two banks, valued at $20.7 billion and $65.5 billion, respectively.
Alrajhi Bank continues to reign supreme atop the list, experiencing a remarkable growth in market value by $21.7 billion over the last 12 months, reaching an impressive $96.6 billion. Saudi National Bank and First Abu Dhabi Bank trail closely behind, with market values of $68.2 billion and $41.5 billion, respectively.