MANAMA: Ahli United Bank is Bahrain’s sole flag bearer on Forbes’ list of the Middle East’s top 30 banks of 2022.
The kingdom’s largest lender is ranked 19 in the chart of the region’s leading financial institutions that have a total market value of $586.6 billion and total assets worth $2.5 trillion.
Led by Adel El Labban as group chief executive, AUB has a market value of $9.3bn.
The banking giant, which is currently in the process of being bought out by KFH, was formed in May 2000 by a merger of the United Bank of Kuwait and the Al Ahli Commercial Bank.
One of the largest banks in the Middle East, it employs 3,294 people across eight countries.
The Kuwaiti Public Institution for Social Security owns 18.9 per cent of AUB, while Bahrain’s Social Insurance Organisation owns a 10.01pc stake.
The bank reported $607.2 million in net profits attributable to its equity shareholders in 2021, an increase of 34pc compared to 2020.
Forbes Middle East said the list recognises the region’s most resilient banking heavyweights that have emerged strong from the pandemic crisis.
The publication compiled data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value to construct the list.
Gulf banks dominate this year’s ranking, with 25 out of the 30 based in the GCC.
Saudi Arabia dominates the top banks ranking with 10 entries, followed by the UAE with seven, Qatar with four, Morocco with three, Kuwait with two, and Egypt, Bahrain, Jordan, and Oman with one each.
For the second consecutive year, Qatar’s QNB Group tops the list with $300.3bn in total assets. The UAE’s FAB, Saudi’s Al Rajhi Bank, and Saudi National Bank follow in a three-way tie for second place.
UAE-based Emirates NBD rounds up the top five. Combined, these five amassed $16.8bn in 2021 profits, constituting 49pc of the aggregate profits of the 30 banks on the list.
avinash@gdnmedia.bh
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