United Arab Emirates-based Emirates NBD Bank PJSC's asset size increased 16% in 2023, making it the fourth-largest bank in the Middle East and Africa.

The Dubai-based lender's assets at the end of 2023 totaled $234.88 billion, according to S&P Global Market Intelligence data, allowing it to reclaim its fourth spot in the ranking of the region's 30 largest banks by assets, ahead of Saudi Arabia-based Al Rajhi Banking & Investment Corp.

The bank's asset base swelled last year as its deposit franchise grew, boosted by low-cost current and savings accounts, according to its latest earnings release. The increase in assets helped drive a 65% profit increase for 2023.

National Bank of Egypt SAE slipped two places in the ranking to ninth. The bank's total assets as of Sept. 30, 2023, were up versus 2022-end in local currency terms, but the Egyptian pound's weakening against the US dollar affected its place in the ranking. The same went for domestic peer Banque Misr SAE, which slipped to 19th place from 16th.

Eighteen of the 30 banks moved up the ranking, including Israel's Bank Hapoalim BM, South Africa-based Standard Bank Group Ltd. and Saudi Arabia's Riyad Bank. Morocco's Banque Centrale Populaire and UAE-based Abu Dhabi Islamic Bank PJSC entered the ranking.

Some of this movement can be attributed to the absence of two Iranian banks due to a lack of fresh data. Tejarat Bank PJSC and Bank Pasargad PLC ranked 11th and 20th last year, with total assets of $130.08 billion and $94.77 billion, respectively.

For the latest ranking, company assets were adjusted on a best-efforts basis for pending mergers, acquisitions and divestures, as well as M&A deals that closed after the end of the period. To be eligible for inclusion in pro forma adjustments, the amount of assets being transferred had to be at least $1 billion, unless otherwise noted. Assets reported by non-US dollar filers were converted to dollars using period-end exchange rates. Total assets were taken on an "as-reported" basis, and no adjustments were made to account for differing accounting standards. The majority of banks were ranked by total assets as of Dec. 31, 2023. In the previous ranking, published April 26, 2023, most company assets were as of Dec. 31, 2022, and were adjusted for pending and completed M&A as of March 31, 2023.

Qatar National Bank QPSC remained the largest bank in the region, with assets of $338.14 billion. First Abu Dhabi Bank PJSC and Saudi National Bank followed in second and third places, with $318.15 billion and $276.57 billion, respectively.

Saudi Arabia was the most represented country in the ranking, with seven banks collectively holding $879.90 billion. The United Arab Emirates followed, with six banks holding $910.84 billion. Israel had five banks and South Africa had four.

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