Top 10 Performing Banks In The GCC - Page 3 of 3 - Gulf Business
Now Reading
Top 10 Performing Banks In The GCC

Top 10 Performing Banks In The GCC

Saudi Arabia’s banks post bumper profit growth and lead the region’s banking recovery.

7. Sharjah Islamic Bank: 21%

The UAE is finally represented through Sharjah Islamic Bank, which posted a net profit of $40.6 million for the first half of the year, up from $33.5 million in 2011. That’s a strong 21 per cent rise.

Fitch Ratings affirmed Sharjah Islamic Bank’s rating ‘BBB+ – this is the highest capital ratio of all Fitch-rated UAE banks.

“Sharjah Islamic Bank’s robust capital position provides it with significant capacity to absorb potential impairment charges and asset quality problems. It also provides the bank with good capacity for growth,” said Fitch Ratings.

8. Bank Muscat: 19.6%

Oman’s second entry highlights the sultanate’s growing financial performance. Net profit of $177.6 million for the first six months of the year means a 19.6 per cent rise from last year’s $148.5 million.

BankMuscat has ramped up its offerings in light of new Islamic banking competitor, Bank Nizwa, entering the market this year.

BankMuscat plans to open seven branches that offer Sharia-compliant banking services in Oman, the firm said last month.

Oman’s largest lender by market value said it had earmarked $389 million for its Meethaq Islamic bank operations.

Although Islamic banking in Oman will take time to gain traction in the conventional market, it is expected that it will capture around 15 per cent of the current $42 billion market over the medium-term.

9. Boubyan Bank: 18%

The second lender in the list from Kuwait, Boubyan Bank, reported $18.4 million in net profit for the first six months; an 18 per cent rise from the bank’s 2011 figure.

The fact that two Kuwait banks made it to the top ten lists bodes well for the recovery of the country’s banks.

Currently, the country’s overall investment climate, and the commercial real estate sector in particular, remain subdued.

Hopes are pinned on government’s billion-dollar non-oil economy diversification plan to boost growth potential in the banking industry. The initiative was signed in 2010.

10. Qatar National Bank: 17.1%

Qatar National Bank (QNB) revealed a net profit of $1.1 billion for the first six months, a 17.1% increase from last year’s $961.3 million.

In 2011, QNB knocked Emirates NBD from the top of the Gulf Business GCC Banking Assets list, with assets of $8.295 billion, up by 35 per cent on 2010.

Qatari banks continue to punch above their weight due to billion-dollar government spending ahead of the World Cup 2022 and soaring GDP growth.

Read more: Gulf Business Top 50 GCC Banks

Pages: 1 2 3

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top