Qatari banks among Forbes ‘30 Most Valuable Banks 2024’ list

Doha, Qatar: Six Qatari banks have been ranked among 30 Most Valuable Banks 2024 list in the Middle East by Forbes magazine. The list includes QN...

Doha, Qatar: Six Qatari banks have been ranked among ‘30 Most Valuable Banks 2024’ list in the Middle East by Forbes magazine.

The list includes QNB Group, Qatar Islamic Bank (QIB), Masraf Al Rayan, Dukhan Bank, Commercial Bank, and Qatar International Islamic Bank (QIIB) who have made it to the ranking of the top banks in their respective categories in April’s issue of Forbes Middle East.

MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices. According to Fitch Ratings’ 2024 outlook report, rising interest rates and oil prices will support overall solid economic conditions for the Middle East and maintain reasonable levels of liquidity, profitability, and adequate capital buffers in most GCC banking systems in 2024.

Qatar’s six banks have a market value of $73.6bn, among which QNB Group ranked fifth in ‘30 Most Valuable Banks 2024’. “With a presence in more than 28 countries across Asia, Africa, and Europe, the QNB Group serves more than 30 million customers through a network of nearly 1,000 branches. In October 2023, the group launched QNB Payment Gateway in Qatar to provide local merchants with digital payment solutions.”

“The Group’s total assets hit $338.2bn as of December 2023, with a net profit of $4.3bn, an increase of 8.4 percent compared to 2022. Qatar Investment Authority owns 51.84 percent of the bank,” noted the April 2023 issue of the magazine.