Qatar National Bank (QNB) ranked third in the list of the 50 largest banks in the Middle East, with a market value of $42.8 billion, according to the magazine. "Forbes" American.
The State of Qatar was represented in the list of the 50 largest banks by 8 local banks, with a market value of $81.3 billion.
And Forbes confirmed that the banking sector is going through a difficult year after the collapse of the American Silicon Valley Bank, while fears are increasing of infection spreading to other banks. It is not linked to influential dealings with American banks that were ravaged by the crisis.
According to a report issued by Moody’s credit rating agency, Gulf banks enjoy a great deal of resilience in facing the crisis of US banks.
The report pointed to the rapid growth of Islamic finance in the countries of the Gulf Cooperation Council, where the cost of deposits in Islamic banks is lower compared to conventional banks, which supports their profitability in times of high interest rates.
The current year 2023 list includes the 50 largest banks by market value in 10 markets across the region, with a total market value of $548.1 billion, according to market closings on February 28, 2023.
Gulf banks dominate with a total of 41 banks, representing about 82% of the list of 50 banks.
The total market value of the 10 largest Saudi banks amounted to $223.5 billion, and the list of 50 banks was topped by the Saudi Al-Rajhi Bank, with a market value of $75 billion, followed by the National Bank of Saudi Arabia with $56.4 billion.
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