Doha, Qatar - In a testament to the strength and resilience of Qatar's banking sector, six Qatari banks have been named among the "30 Most Valuable Banks 2024" in the Middle East by Forbes Middle East magazine.

The list, featured in the April 2024 issue, includes the following Qatari institutions:

#5. QNB Group

- CEO: Abdulla Mubarak Al Khalifa

- Market Value: $38 billion

- QNB Group operates in over 28 countries, serving more than 30 million customers through a network of nearly 1,000 branches. The bank's total assets reached $338.2 billion in December 2023, with a net profit of $4.3 billion - an 8.4% increase year-over-year. In October 2023, QNB launched its digital payment solutions platform, the QNB Payment Gateway, in Qatar.

- Qatar Investment Authority owns 51.84% of QNB Group.

#13. Qatar Islamic Bank (QIB) 

- CEO: Bassel Gamal

- Market Value: $13.1 billion

- QIB is Qatar's first Islamic financial institution, established in 1982. It has a network of 23 branches in Qatar and one in Sudan, as well as investments in the UK and Lebanon. QIB's net profit hit $1.2 billion in 2023, while its total assets stood at $52 billion. In November 2023, the bank issued a $500 million five-year sukuk.

- Qatar Holding, the investment arm of Qatar Investment Authority, is QIB's largest shareholder with a 16.87% stake.

The other Qatari banks on the list are Masraf Al Rayan (#21), Dukhan Bank (#23), Commercial Bank (#24), and Qatar International Islamic Bank (QIIB) (#27).

In total, the six Qatari banks on the Forbes Middle East list have a combined market value of $73.6 billion, highlighting the strength and prominence of Qatar's banking sector within the broader MENA region.

The Forbes Middle East "30 Most Valuable Banks 2024" list features entities from seven markets, with 26 entries being Gulf-based. The aggregate market value of the 30 most valuable banks has grown by 14% over the last 12 months, reaching $581.1 billion as of February 2024.

Source: Forbes Middle East