Emirates NBD, a merger of two major UAE banks, retained its position as the largest Arab bank in terms of assets at the end of the third quarter of 2010, accounting for nearly seven per cent of the combined assets of the region’s largest 50 banks.
Bank figures showed ENBD’s assets stood at around $77.5 billion, nearly 7.09 per cent of the consolidated assets of the top 50 Arab banks of nearly $1,094 billion.
ENBD became the largest Arab bank after its merger from the National Bank of Dubai and Emirates Bank International. At the end of 2009, its assets stood at around $76.7 billion, the largest in the region, according to the Union of Arab Banks (UAB).
The figures by the Beirut-based UAB, which groups over 450 Arab banks, showed ENBD also topped the list of the largest 50 Arab banks in terms of shareholder equity, standing at $8.7 billion at the end of the third quarter of last year.
It was also the largest lender in the region, with its loans totaling nearly $54.8 billion. In terms of deposits, which stood at $54.1 billion at the end of September, it was overtaken only by National Commercial Bank (NCB) of Saudi Arabia.
NCB emerged as the second largest Arab bank by assets, which stood at around $72.3 billion at the end of September.
The National Bank of Abu Dhabi came third, with around $58.1 billion, followed by National Bank of Qatar, with nearly $53.4 billion and the Saudi American Bank Group (SAMBA) with $49.3 billion.
The Saudi Alrajhi bank was ranked sixth, with assets of $48.4 billion while the Abu Dhabi Commercial Bank was the seventh largest with assets of around $47.9 billion at the end of September. Kuwait Finance House came 10th with around $42 billion.
The ninth and 10th largest Arab banks were Riyadh Bank of Saudi Arabia, with assets of $45.7 billion and the National Bank of Kuwait, with nearly $43.5 billion, UAB figures showed.
Other 10 major banks in order of their assets include the UAE’s First Gulf Bank, Banque Saudi Fransi, the Saudi British Bank, the National Arab Bank of Saudi Arabia, the Bahrain-based Arab Banking Corporation, United National Bank of Bahrain, Mashreq Bank of the UAE, Dubai Islamic Bank, Abu Dhabi’s Union National Bank and the Abu Dhabi Islamic Bank.
The report showed the combined assets of the Arab world’s largest 50 banks stood at around $1,093 billion at the end of September 2010 compared with $1,059 billion at the end of 2009.
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