Saudi company Al Rajhi Banking & Investment Corp. topped the list of the 20 largest banks by market cap in the Middle East and Africa as of June 30, with a market cap of $ 73.99 billion, according to data from S&P Global Market Intelligence.
S&P Global Ratings recently revised Al Rajhi Bank’s outlook from stable to positive, reflecting its expectations that the bank will be able to outperform its peers in the Gulf Cooperation Council region and maintain its profit-generating capacity. above average. Fitch Ratings has also been revised to stable from negative the bank’s outlook, saying Al Rajhi’s financial measures have been resilient despite pressures on its operating environment from the COVID-19 pandemic and falling oil prices.
Saudi National Bank, the entity resulting from the combination of National Commercial Bank, or NCB, and Samba Financial Group, came second on the list, with a market capitalization of $ 68.77 billion. NCB and Samba have agreed to merge in October 2020 and completed the process in April 2021.
First Abu Dhabi Bank P.JSC, Qatar National Bank (QPSC) and Emirates NBD Bank PJSC round out the top five with market caps of $ 49.61 billion, $ 45.54 billion and $ 22.79 billion at the end of June , respectively.
Four other Saudi lenders – Riyad Bank, The Saudi British Bank, Banque Saudi Fransi and Alinma Bank – entered the top 20, while Moroccan lender Attijariwafa bank SA also featured in the rankings, placing eighteenth.
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