The market capitalization of banks in the Middle East and Africa surged to $720.32 billion by the end of September 2026, according to data from S&P Global Market Intelligence. This marks an increase from $700.95 billion just three months prior, reflecting a strong performance across the sector during the third quarter.
First Abu Dhabi Bank PJSC emerged as a standout performer, with its market capitalization rising 16.5% to reach $59.55 billion, solidifying its position as the third-largest bank in the region. The overall gains were driven by robust financial results and strategic growth initiatives among several banks.
Mashreqbank Re-enters Top 20
Mashreqbank PSC, based in the UAE, made a notable comeback in the rankings of the region’s largest banks, climbing 27.9% to a market value of $17.80 billion as of September 30. The bank reported a record pretax profit of AED4.8 billion ($1.31 billion) for the first half of 2026, an 18% increase year-on-year, bolstered by strong revenue growth and a net impairment writeback of AED122 million from previously written-off exposures. Additionally, Mashreqbank successfully raised $500 million through a five-year bond, attracting orders exceeding $925 million.
UAE and Saudi Banks Strengthen Positions
In the UAE, Abu Dhabi Commercial Bank PJSC advanced four places to seventh, with its market capitalization increasing by 15.9% to $36.02 billion. Abu Dhabi Islamic Bank PJSC also performed well, with a 13.7% rise in market capitalization to $23.26 billion. Meanwhile, Saudi Arabian banks maintained their dominance, with Al Rajhi Banking & Investment Corp. and Saudi National Bank holding the top two positions in the ranking. Dubai Islamic Bank PJSC rounded out the top 20 with a market value of $16.04 billion.
South African Banks Fall in Ranking
Conversely, South African banks experienced declines in their market capitalizations, resulting in a drop in their rankings. Capitec Ltd., which had previously become the largest South African bank by market capitalization, fell four places to rank 11th, with its market cap declining by 8.5% to $30.67 billion. FirstRand Ltd. has also faced challenges, as it seeks buyers for its U.K. unit, Aldermore Group PLC, amid rising provisions related to motor finance. Despite a 5% decline in headline earnings for the financial year ending June 30, 2026, FirstRand declared a record final dividend of 2.80 rand per share.
These developments underscore the dynamic nature of the banking sector in the Middle East and Africa, with varying performances across different markets. For further insights, refer to S&P Global Market Intelligence.
For more business coverage, visit DN247 Business.
