Forbes Middle East published its ranking for the top 30 banks in the region, with three Moroccan banks listed.
After collecting data on their reported market value, revenues, assets, and profits, Forbes declared that the Middle East and North Africa (MENA) banks have emerged stronger from the pandemic crisis.
According to Forbes Middle East, Attijariwafa bank is 14 on the list, Banque Centrale Populaire (BCP) ranks 21 and finally, Bank of Africa comes as 27 on the list.
The combined assets of the top 30 listed banks in the region had a noticeable growth in value by 13% to hit $2.5 trillion by the end of 2021, compared to $2.3 trillion in 2020.
Their combined profits climbed by 37% to reach over $34 billion.
The aggregate market capitalization of the 30 banks also went up to $587 billion as of June 28, 2022, showing an increase of 23% compared to $478.7 billion a year earlier.
The banks now have combined revenues of over $107 billion.
The three Moroccan banks that made it to the list that is heavily dominated by Gulf banks. 25 banks out of the list are Gulf Banks. Qatar’s QNB Group tops the list with $300.3 billion in total assets.
Banks that hadn’t disclosed their 2021 audited financial statements did not make it on the list.
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