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Forbes Center East has revealed its ‘30 Most Useful Banks’ rating, that includes the resilient, worthwhile, and customer-centric banking titans within the area.
As of February 23, 2024, the 30 banks had a mixed worth of US$581.1 billion, up 14 % during the last 12 months. Gulf entities dominate this 12 months’s rating, with 26 of the 30 primarily based within the GCC. The rating represents banks from seven markets. Saudi Arabia makes up a 3rd of the record with 10 entries, with an combination market worth of $279.5 billion. The UAE follows with seven entries at a market worth of $128.7 billion. Qatar positioned third with six entries value $73.6 billion.
Saudi-based alrajhi financial institution leads the 2024 record. Its market worth climbed by $21.7 billion during the last 12 months to hit $96.6 billion. The financial institution recorded whole property value $215.5 billion as of December 2023, with a web revenue of $4.4 billion. Saudi Nationwide Financial institution and First Abu Dhabi Financial institution spherical up the highest three with $68.2 billion and $41.5 billion in market worth, respectively. Mixed, these three giants amassed $206.3 billion in market worth, constituting over 35 % of the combination value of the 30 banks on the rating. Nonetheless, the full market cap of the area’s high three Most worthy banks is lower than the cumulative value of the ten Saudi banks on the record, value $279.5 billion.
To assemble the record, Forbes Center East compiled knowledge from Center Japanese banks listed on inventory exchanges within the Arab world and ranked firms primarily based on their reported market worth as of twenty third February, 2024. Listed subsidiaries of different listed firms had been excluded.
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