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Revealed: UAE’s most powerful bank, Emirates NBD leads the way – News

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UAE and regional banks outperformed last year thanks to post-pandemic recovery starting 2021


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published: Saturday, July 8, 2023 at 9:33 am

Five UAE banks were listed as the strongest among the 25 banks in the Middle East, led by Emirates NBD, the largest bank in Dubai.

According to the annual report published by The Banker, Emirates NBD ranks fourth in the region, followed by First Abu Dhabi Bank (5), Abu Dhabi Commercial Bank (7), Dubai Islamic Bank (14) and Mashreq Bank ( twenty three).

The ranking is based on the lender’s Tier 1 capital.

“Remaining the fourth largest bank in the region, Emirates NBD is now the number one bank in the UAE, driven by an 11.9 per cent increase in Tier 1 capital,” it said.

UAE and regional banks outperformed last year, benefiting from a post-pandemic recovery starting in 2021, benefiting from a windfall from higher oil prices while inflation remained low, the study said.

The net profit of the UAE’s 10 largest banks will rise 35% quarter-on-quarter to AED18.3 billion in the first quarter of 2023 due to “improved cost efficiencies and lower impairment losses,” according to a study by Alvarez & Marsal. TOLL. “

Globally, Emirates NBD and First Abu Dhabi Bank are among the top 100 banks, ranking 85th and 90th respectively. Abu Dhabi Commercial Bank and Dubai Islamic Bank Mashreq ranked 130th, 169th and 256th respectively in the list of strongest banks.

Regionally, the National Bank of Saudi Arabia topped the list for the second consecutive region, followed by Qatar, Rajhi Bank, Emirates National Bank, First Abu Dhabi Bank, Riyadh, Abu Dhabi Commercial Bank, National Bank of Israel, Hapoalim Bank and Saudi British Bank.

Meanwhile, Abu Dhabi Islamic Bank ranked second in the region and Mashreq Bank fourth in terms of return on capital, with returns of 18.82 percent and 17.59 percent, respectively.

Among the top 25 banks in the Middle East, there are 7 banks, 5 UAE banks, 4 each from Qatar and Israel, 2 from Kuwait, 1 each from Iran, Oman and Jordan.

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