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UAE's Banking Sector Ahead of GCC Peers in Terms of Asset Volume

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UAE’s Banking Sector Ahead of GCC Peers in Terms of Asset Volume

The UAE banking sector has maintained its coveted position ahead of its GCC peers with a total asset value of $748 billion, or AED 2.7 trillion, in the first half of 2018. This figure is up $55 billion dirhams compared to the end of 2017, amounting to a 2% growth year-over-year.

The Saudi banking system came second with an asset value of $617 billion, while the Kuwaiti banks ranked third with assets of $215 billion, followed by Bahrain ($188 billion) and Oman ($87 billion).

The First Abu Dhabi Bank (FAB) topped the GCC banks with $188 billion, or AED 692 billion, worth of assets by the end of the first half.

Gulf Banks

Meanwhile, the Saudi National Commercial Bank came second with assets worth $121 billion, followed by the National Bank of Kuwait with $90 billion of assets, while Bahrain’s Ahli United Bank’s assets increased to $34 billion and Bank Muscat hit $30 billion.

The market capitalization of Saudi National Bank came in first at $38.9 billion during the first half of 2018, while First Abu Dhabi Bank (FAB) came second with $36 billion, or AED 132 billion, in the same period. The market cap of National Bank of Kuwait reached $15.2 billion, followed by Bahrain’s Ahli United Bank at $4.8 billion and Bank Muscat at $2.9 billion.

In terms of equity, Abu Dhabi First Bank reported $26.3 billion, or AED 96.8 billion, followed by Saudi National Bank ($17.1 billion), and then National Bank of Kuwait at $10.7 billion. Bank Muscat came in the third place with $4.9 billion while $4.2 billion were disclosed for Bahrain’s Ahli United Bank.

Supporting Factors

Industry experts said the growth in UAE banks’ assets was supported by higher customer deposits, which had a large margin on loans. They also noted that while the UAE banking sector continues to surpass its GCC peers, this fact reflects the strength of the sector and how it remained well capitalized.

 

 



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