Far larger than India’s SBI
BBN-Dubai
DUBAI: Emirates NBD (ENBD), a Dubai-based bank majority owned by Dubai Government has reclaimed the fourth ranking in total assets in the Middle East and Africa (MEA).
According an official release issued by S&P Global Market Intelligence, 18 out of the 30 largest banks in the Middle East and Africa, along with ENBD, made progress in the ranking in 2024 in terms of assets.
Emirates NBD Bank’s asset size increased 16 per cent in 2023, making it the fourth-largest bank in the Middle East and Africa. The Dubai-based lender’s assets at the end of 2023 totaled $234.88 billion, according to S&P Global Market Intelligence data.
Emirates NBD has a strong presence in India with three branches in Mumbai, Gurugram, and Chennai.
Apart from UAE, the ENBD Group has operations in Egypt, Kingdom of Saudi Arabia, India, United Kingdom, Turkey, Bahrain, Russia, Austria, Germany, Singapore and has representative offices in China and Indonesia.
Emirates NBD is the only UAE-based bank with a strong branch presence in India, and has invested $300 million in the country.
ENBD vs SBI
To put it in perspective, the total assets of the India’s largest bank, State Bank of India (SBI), was $170.159 billion at the end of 2023, after recording a growth of 262.53 per cent from the previous year.
This shows that the size (in terms of assets) of SBI is only just over 72 per cent of Emirates NBD, which is the second largest bank in the UAE.
In fact, the smart growth in assets witnessed during the past one year has helped Emirates NBD to reclaim its past glory helping it rise ahead of Saudi Arabia-based Al Rajhi Banking & Investment Corporation.
QNB, the undisputed leader
Qatar National Bank (QNB) retained its position as the largest bank in the region by far, with assets of $338.14 billion. The Abu Dhabi-headquartered First Abu Dhabi Bank and Saudi National Bank followed in second and third places in MEA region, with $318.15 billion and $276.57 billion, respectively.
The 18 banks that moved up the ladder include Israel’s Bank Hapoalim, South Africa-based Standard Bank Group, and Saudi Arabia’s Riyad Bank.
Morocco’s Banque Centrale Populaire and UAE-based Abu Dhabi Islamic Bank (ADIB), the largest Islamic bank in the UAE, entered the ranking chart.
Tejarat Bank and Bank Pasargad ranked 11th and 20th last year, with total assets of $130.08 billion and $94.77 billion, respectively.
