ENBD recedes to 3rd largest Arab bank

Dubai-based Emirates NBD retreated to the third rank in the list of the largest Arab banks after it was overtaken by National Commercial Bank (NCB) of Saudi Arabia and Qatar National Bank (QNB) at the end of November.

ENBD, a merger of two major Dubai banks, became the largest Arab bank by assets in 2009-2010 but reverted to the third position at the end of November when its assets dropped to around $74 billion from $77.9 billion at the end of 2010, according to the Beirut-based Union of Arab Banks (UAB).

Its figures showed NCB’s assets stood at $81.8 billion at the end of November while those of QNB peaked at $76.9 billion.

But ENBD maintained its position as the largest regional lender, with its credit totaling $53.5 billion by the end of November. QNB came second by loans, which totalled $46.1 billion followed by the government-controlled National Bank of Abu Dhabi (NBAD), with around $42.4 billion, according to the report.

NBAD ranked fourth by assets, which stood at $65.9 billion, followed by the Saudi Al Rajhi Group with $56.7 billion.

The assets stood at $50.2 billion at the Saudi American Bank Group (SAMBA), $49.8 billion at the government-controlled Abu Dhabi Commercial Bank, $48.4 billion at the Kuwait Finance House, round $48 billion at Saudi Arabia’s Riyadh Bank and $47.7 billion at the National Bank of Kuwait.

Other major banks in the largest 20 banking units in the region include by size of their assets the Abu Dhabi-based First Gulf Bank, Saudi British Bank, Saudi Fransi Bank, National Arab Bank of Saudi Arabia, Al Ahli United Bank of Bahrain, the Manama-based Arab Banking Corporation, Dubai Islamic Bank, Dubai-based Mashreq Bank, the government-owned Union National Bank in Abu Dhabi and the Abu Dhabi Islamic Bank.

In terms of deposits, NCB topped the list, attracting around $64.7 billion, followed by QNB with $53.6 billion and ENBD with nearly $50.2 billion.

QNB emerged as the top earner in the first three quarters of 2011, with its net profits totaling $1.48 billion. Al Rajhi was second with net income of about $1.46 billion while NCB came third with nearly $1.21 billion.

The report showed the UAE maintained its position as having the largest banking sector in the Arab world, with the combined assets of its 51 banks totaling around $455 billion at the end of November. They accounted for around 31 per cent of the total assets of the banking sector in the six-nation Gulf Cooperation Council.

Saudi Arabia had the second largest bank assets at the end of November, standing at nearly $408 billion.

In terms of credit, UAE banks were also ahead of other banks with around $281 billion, nearly 33 per cent of the total GCC bank credit. They also had the largest deposit base of about $289.5 billion.

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