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Saudi Arabia leads Forbes list of “Most Valuable Banks”

Saudi Arabia leads Forbes list of “Most Valuable Banks”
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Mubasher: Forbes Middle East has revealed its ‘30 Most Valuable Banks’ ranking, with Saudi Arabia leading the list via 10 entries at an aggregated market value of $279.50 billion.

As of 23 February 2024, the 30 banks had a combined value of $581.10 billion, marking a 14% rise over the last 12 months.

The Kingdom topped the list and the UAE followed with seven entries at a market value of $128.70 billion, while Qatar came third with six entries worth $73.60 billion.

Al Rajhi Bank led the 2024 list, as its market value hiked by $21.70 billion to $96.60 billion. The Saudi lender registered total assets valued at $215.5 billion as of December 2023, with a net profit of $4.40 billion.

The Saudi National Bank (SNB) and First Abu Dhabi Bank (FAB) made it to the top three with $68.20 billion and $41.50 billion in market value, respectively.

In his regard, the three giants amassed $206.30 billion in market value, accounting for over 35% of the aggregate worth of the 30 banks on the ranking.

However, the total market cap of the region’s top three most valuable banks is less than the cumulative worth of the 10 Saudi banks on the list valued at $279.50 billion.