Top 20 MEA banks by market cap, Q4'21

National Bank of Kuwait SAKP rose three notches to fifth place in a list of the Middle East and Africa's 20 biggest banks by market capitalization, while Saudi Arabia-based Al Rajhi Banking & Investment Corp. retained its top spot.

The Kuwaiti bank's market capitalization increased by 4.62% in the fourth quarter of 2021, to $20.94 billion. United Arab Emirates-based Emirates NBD Bank PJSC's market cap dropped 4.58% and it fell to sixth from fifth place in a ranking compiled by S&P Global Market Intelligence.

Al Rajhi's market cap increased by 15.66% over the quarter, landing at $83.39 billion. The Saudi National Bank, First Abu Dhabi Bank PJSC and Qatar National Bank (QPSC) were unchanged in second, third and fourth place with respective market caps of $67.20 billion, $49.44 billion and $45.24 billion.

Israel's Bank Leumi le- Israel B.M. and Bank Hapoalim B.M. climbed to 12th and 16th places from 16th and 18th, respectively, at the end of September 2021. Meanwhile, South Africa's FirstRand Ltd. fell to ninth from sixth and Standard Bank Group Ltd. dropped to 15th from 11th. Their market cap fell by 5.75% and 2.21%, respectively, on a quarterly basis, giving them a market cap of $18.79 billion and $12.25 billion.

Qatar-based Masraf Al Rayan QPSC placed 19th on the list, having not featured in the top 20 in the previous quarter. The bank is merging with Qatari peer Al Khalij Commercial Bank PQSC to create one of the Middle East's largest Shariah-compliant groups.