Emirates NBD Leads Asset Surge: Top Regional Banks’ Growth
Led by Dubai’s largest lender, Emirates NBD, 18 out of the 30 largest banks in the Middle East and Africa moved up the ranking in 2024 in terms of assets, according to an analysis by S&P Global Market Intelligence.
Emirates NBD’s Asset Growth
Emirates NBD Bank’s asset size increased by 16% in 2023, totaling $234.88 billion. This growth propelled Emirates NBD to the fourth-largest bank in the Middle East and Africa.
Reclamation of Fourth Spot
The significant asset growth allowed Emirates NBD to reclaim its fourth spot in the ranking of the region’s 30 largest banks by assets, ahead of Saudi Arabia-based Al Rajhi Banking & Investment Corp.
Regional Banking Landscape
Qatar National Bank remained the largest bank in the region, with assets of $338.14 billion. First Abu Dhabi Bank and Saudi National Bank followed in second and third places, respectively.
Movement in Rankings
The 18 banks that moved up the ranking include Israel’s Bank Hapoalim, South Africa-based Standard Bank Group, and Saudi Arabia’s Riyad Bank. Morocco’s Banque Centrale Populaire and UAE-based Abu Dhabi Islamic Bank entered the ranking.
Representation by Country
Saudi Arabia was the most represented country in the ranking, with seven banks holding $879.90 billion. The UAE followed, with six banks holding $910.84 billion.
Other UAE Banks
Other UAE banks ranked among the region’s top 30 include Abu Dhabi Commercial Bank (ranked 10th), Dubai Islamic Bank (20th), Mashreq Bank (25th), and Abu Dhabi Islamic Bank (30th).
Emirates NBD’s Financial Performance
Emirates NBD’s asset base swelled as its deposit franchise grew, driving a 65% profit increase to Dh21.5 billion for 2023.
Factors Driving Growth
The increase in assets was boosted by low-cost current and savings accounts, leading to improved credit quality and performance across all business units.
Impact on Other Banks
The National Bank of Egypt slipped two places in the ranking to ninth, affected by currency fluctuations. Emirates NBD’s asset surge signifies its dominance in the regional banking landscape, driven by strategic growth initiatives and solid financial performance.
