SNB crowned as Middle East’s biggest bank

Saudi’s new megabank has displaced Qatar National Bank at the top of this year’s regional table. John Everington reports.

by John Everington

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Saudi National Bank (SNB) has dislodged Qatar National Bank (QNB) from the top of the Middle East table in The Banker’s Top 1000 World Banks ranking for 2022, becoming the first Saudi lender to lead the table since 2016.

Middle Eastern lenders have performed well against their international peers in this year’s ranking, with economies in the Gulf and Israel in particular benefiting from a recovery in oil prices and rapid vaccine rollouts, respectively. After a mixed performance last year, 21 of the region’s 25 largest lenders have achieved improved positions in this year’s ranking, with each reporting improved pre-tax profits as impairments fell.

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John Everington

John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.