Dubai September 4 2023: Qatar National Bank (QNB), which is 51.93% owned by Qatar Investment Authority (QIA), maintained its first position as the largest GCC bank in terms of assets, after the bank's assets increased by 7% to $330.2 billion by the end of June 2023, compared to $308.9 billion in the same period in 2022.
First Abu Dhabi Bank (FAB), the largest UAE bank, ranked second in terms of assets, up 10% compared to the same period last year, reaching $312.3 billion by the end of June 2023.
In terms of profits, Emirates NBD advanced to the first place among GCC banks during the second quarter of 2023, from the fourth place a year earlier, as the bank’s profits rose by 78% to $1.69 billion this year, compared to $953.7 million in Q2 2022.
SNB retreated to second place in terms of profits, despite a 9% YoY increase in its earnings to $1.33 billion in Q2 2023.
On the other hand, Al Rajhi Bank and QNB fell to the fourth and fifth places, respectively, instead of the second and third places in the comparative quarter last year, on a decline in their profits by 3% and 4%.
Saudi National Bank (SNB), the largest bank in the Kingdom, came third place, with assets of $265.6 billion by the end of June 2023, a growth rate of 4% year-on-year (YoY).
In terms of customer deposits, QNB and FAB maintained the first and second rankings with depoists of $289 billion and $176.6 billion, respectively, with YoY jumps of 5% and 15%, respectively.