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Twelve of the largest banks in the Middle East and Africa suffered declines in their market capitalization in the final quarter of 2022, with Qatar Islamic Bank QPSC booking the biggest drop, according to S&P Global Market Intelligence data.
Qatar Islamic Bank’s market cap as of Dec. 31, 2022, was down nearly 25% from three months prior. In Market Intelligence’s ranking of the 20 biggest banks in the region by market cap, the lender finished in the 18th spot, down five places quarter over quarter.
Saudi National Bank also booked a double-digit decline of 19.97%, though it maintained its second place in the rankings. The bank made headlines in the fourth quarter of 2022 when it took a 9.9% stake in Credit Suisse Group AG. Year over year, SNB’s market cap slumped 21.54%.
Other banks that suffered market cap declines in the quarter include Saudi Arabia-based Al Rajhi Banking & Investment Corp., United Arab Emirates-based First Abu Dhabi Bank PJSC and Qatar National Bank (QPSC).
Meanwhile, South Africa-based Capitec Bank Holdings Ltd. entered the top 20, finishing the year in the 16th spot, its market cap standing at $12.69 billion at the end of 2022. Quarter over quarter, Capitec’s share price grew 19.68%. Capitec replaced Dubai Islamic Bank PJSC in the rankings.
Of the 20 banks in the ranking, eight are based in Saudi Arabia. The UAE and South Africa are represented by three banks each. Qatar, Israel and Kuwait each have two banks.
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* Learn more about the aggregate financial highlights for banks in Saudi Arabia and the UAE.