Top 10 Middle East Banks for Business

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Top 10 Middle East Banks for Business

 Top 10 Middle East Banks for Business

Are you an entrepreneur or wondering where you can invest your money in the Middle East? The profitability of the top 10 banks in the Middle East is growing. Most have a net profit rising 12% quarter over quarter. They have an increased general interest income of 16% from quarter to quarter. In contrast, it decreases impairment charges by 15% for the period supported profitability. 

You should note that the operational income of the top 10 banks in the Middle East increased more. Furthermore, the banks are improving their cost efficiency every third quarter yearly. Here is a list of the top ten best banks in the middle east.

1. Qatar National Bank (QNB)

Our winner for Best Bank in the Middle East is Qatar National Bank (QNB), which has 54% interest in local Mansour Bank. QNB’s strong global banking franchise serves consumers through its domestic branch network. Retail and commercial clients around the nation profit from QNB’s sizable business.

The bank is enhancing its digital capabilities for all clients. They also offer new products as part of its ongoing digital transformation. QNB has extended its payment platform with digital wallets and contactless capabilities. The platform uses QR codes at POS terminals using smartphones and other wearables. This is due to investments in technology. Additionally, they allow the conduct of direct financial transactions utilizing blockchain technology. 

2. Ahli United Bank (AUB)

Ahli United Bank (AUB) is the Best Bank in Bahrain. This is due to its major acquisition in 2022. Moreover, this expansion will be both domestic and regional. After paying $16 million to get Citi’s consumer business in Bahrain. The bank expanded its clientele by adding $144 million in loans and $182 million in deposits. And $87 million in high-net-worth assets under management to its private bank division. Also, the bank’s region improved when it was acquired by Kuwait Finance House (KFH). As a result, becoming the second-largest Islamic bank. 

3. Saudi National Bank (SNB)

 National Commercial Bank and Samba Financial Group merged to become Saudi National Bank (SNB). The Public Investment Fund of the region owns the bulk of the bank. With US$67 billion in AUM, SNB Capital is the largest asset manager in the Kingdom. But, the Bank has a market value of US$79.3 billion.

Read: Top 10 USA Banks for Business

But it nearly quadrupling its second-quarter net profit to US$1.22 billion thanks to a substantial increase in operational revenue as the Kingdom’s economic growth picked up speed. Its net profit increased to US$1.26 billion in the third quarter of 2022, up 18.7% from the previous quarter.

Top 10 Middle East Banks for Business
Top 10 Middle East Banks for Business

4. Abu Dhabi Islamic Bank (ADIB)

Islamic financial principles, ethical business practices, and practical banking solutions are the major principles of ADIB. It serves more than a million customers. It specializes in providing a high user experience using digital banking capabilities.  Also, in line with its innovation plan for 2025. Abu Dhabi Islamic Bank aims to speed up its digital transformation through data analytics and artificial intelligence (AI), expand Islamic financing, and increase its retail clientele in the UAE.

 The Analytics Center of Excellence at ADIB, which uses AI to find operational efficiency and introduce innovative products, is a key component of this plan. This features a recently installed command center that uses a 22-meter television wall to display the activity of the bank. Franchise expansion and the bank’s outstanding level of service offerings depend on the effective marketing of its product offerings.

5. National Bank of Kuwait

The Paris office technically became a part of National Bank Kuwait International in 1996 when NBK combined its two European operations in Paris and London. As a result, the bank improved the efficiency of the services that it provides to its customers. Among the services provided by NBK are wholesale banking, private banking, Treasury Services, and commercial real estate financing.

 However, trade finance is one of the main areas of concentration, since it aids in facilitating trade and other kinds of international transactions with Kuwait and the Middle East. To help investors, buy and finance commercial and residential real estate assets, NBK’s Private Banking division offers both conventional financial products and real estate solutions.

6. Riyad Bank

With US$86.9 billion in assets, Riyad Bank is the third-largest financial institution. The bank, which has a market value of US$27 billion, offers a wide range of goods and services that are consistent with Islamic law, including SMEs, to provide for the demands of retail and business clients.

The investment division of the bank, Riyad Capital is a market leader in asset management and IPO consulting services. The Bank and the Yanbu Chamber of Commerce struck a contract last year to introduce additional financing options to support SMEs in the middle east.

Read: Technology: Understanding AI in Banking

7. Emirates NBD

The largest banking organization in the MENAT area is Emirates NBD. It is the first national bank established in Dubai and the United Arab Emirates (UAE). Emirates Bank International (EBI) and NBD merged on March 6, 2007, becoming Emirates NBD, the bank in the area with the greatest assets.

The second and fourth largest banks in the UAE were combined to establish Emirates NBD, which later served as the model for other regions looking to consolidate their banking and finance industries. It can provide favorable value across regional operations in Retail, Corporate, Islamic, Private Banking, Investment, Global Markets & Treasury, Brokerage, and Asset Management.

8. First Abu Dhabi Bank

The biggest bank in the United Arab Emirates is First Abu Dhabi bank. After First Gulf Bank (FGB) and the National Bank of Abu Dhabi merged, it was created. It provides a range of financial services and products, such as loans, savings and current accounts, Islamic finance, term and fixed deposit accounts, capital market solutions, investment banking, global transaction services, private banking, debit and credit cards, property management, real estate, and brokerage services.

Top 10 Middle East Banks for Business
Top 10 Middle East Banks for Business

9. Bank Hapoalim

In Israel, the winner is Bank Hapoalim. The bank intends to develop cutting-edge goods and services for its retail and business clients—streamlining procedures for the quicker introduction of new products—in order to have responsible growth and excellent customer service. However, the bank can only do this by spending money on technology, working with other parties, and using data analytics.

 Read: What ACH Payments and How Do They Work?

The growth of the Bit peer-to-peer payment platform, the top platform in Israel for payments and financial transactions, with connections to more than 20,000 merchants, is a crucial component of modernizing the bank’s IT infrastructure. With this software, one objective is to offer almost quick approval for credit cards and consumer loans.

10.  Arab National Bank (ARNB)

Arab National Bank (ARNB), one of the biggest banks in the Middle East, has its headquarters in Riyadh and offers its service to more than two million clients from 216 locations around the region since it first opened its doors in 1979. ANB maintains regional offices in Jeddah and Khobar as well as an overseas division in London. The bank and the SME General Authority ‘Monsha’at’ earlier this year agreed to a US$293.3m deal to help SMEs and business owners with financing and banking services.

Do You Worry About Finding a Suitable Bank?

Anyone wishing to handle their finances in this region has to ensure they choose a bank that is trustworthy and reliable. The top 10 best banks above have proven a dedication to ethical business conduct and financial stability. This makes them excellent choices for people, companies, and governments.

These financial institutions can meet economic problems and uphold client confidence. Consumers may choose where to invest their money and create a secure financial future for themselves. This is after being aware of the aspects that affect a bank’s safety.

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