Top 20 MEA banks by market cap, Q1

Saudi Arabia-based Riyad Bank has become one of the biggest five banks in the Middle East and Africa by market capitalization, after the value of its shares increased 38.56% in the first three months of 2022.

The lender jumped to fifth from eighth, with its market cap increasing to $30.03 billion, according to S&P Global Market Intelligence.

Riyad Bank booked positive 2021 earnings on the back of renewed economic activity, lower costs and reduced impairment charges, CEO Tareq al-Sadhan said in a statement. Full-year 2021 net profit increased 27.8% on a yearly basis to 6.03 billion riyals.

As of March 31, Al Rajhi Banking & Investment Corp. had the largest market cap among MEA banks, of $107.03 billion. The Saudi National Bank, First Abu Dhabi Bank PJSC and Qatar National Bank (QPSC) were the next largest, with market caps of $83.84 billion, $70.94 billion and $58.53 billion, respectively.

South Africa-based FirstRand Ltd. rose three notches to sixth place in the ranking, with its market cap increasing 27.42% during the first quarter.

National Bank of Kuwait SAKP and Emirates NBD Bank PJSC both dropped three notches, despite their market caps increasing by double digits on a quarter-over-quarter basis.

All 20 banks in the ranking saw their market caps increase on a year-over-year basis.

As of April 4, US$1 was equivalent to 3.75 Saudi Arabian riyals.