Oct 30 2011 |
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Al-Rajhi logs $49.2b assets in '10, remains largest Islamic bank
JEDDAH - Al-Rajhi Group maintained its position as the world's largest Islamic bank at the end of 2010 while four in the UAE were among the 10 top Shariah-compliant banks, figures from the Beirut-based Union of Arab Banks (UAB) showed.Al-Rajhi controlled $49.2 billion in assets in 2010, nearly a fifth of the combined assets of the Arab region's Islamic banks.
It said the bank's assets gained nearly $4 billion over the previous year, when it also dominated the world's Islamic banking industry.
Al-Rajhi also controlled the largest deposits among Islamic banks and was also the biggest lender, with a deposit base of $38.1 billion and with loans of nearly $32 billion by the end of 2010.
The combined profits of Islamic banks totaled $3.8 billion last year, while their deposits and loans stood at $175 billion and $150 billion, respectively.
Finance House (KFH) came second by assets, which stood at $43.7 billion at the end of 2010 compared with $39 billion at the end of 2009.
Dubai Islamic Bank (DIB) ranked third, with assets of about $24.5 billion, followed by Abu Dhabi Islamic Bank (ADIB), with around $20.5 billion.
Bahrain's Al-Baraka Group came fifth, with nearly $15.8 billion while Qatar Islamic Bank (QIB) controlled the sixth largest assets of $14.2 billion.
Al-Rayyan, another Qatari Islamic bank, had the seventh largest assets of around $9.5 billion, followed by the Emirates Islamic Bank (EIB), with nearly $8.9 billion. The ninth and 10th largest Islamic banks were Al-Jazirah of Saudi Arabia and Al-Ahli United Bank (AUB) of Kuwait, with their assets standing at $8.8 billion and $8.5 billion respectively.
Al-Rajhi also had the largest capital of around $8.08 billion at the end of 2010. KFH came second with around $4.3 billion, followed by DIB with nearly $2.6 billion, QIB with $2.5 billion and ADIB with $2.2 billion.
Al-Rajhi was also the best performer in terms of profitability, netting nearly $1.8 billion in 2010, almost half the combined net earnings of Islamic banks. KFH came second with around $369 million while QIB recorded the third highest income of around $367 million. It was followed by Al-Rayyan with $333 million profit, ADIB with nearly $279 million and DIB with $220 million.
All other Islamic banks in region reverted to profits after many of them suffered from losses in 2009, with the exception of Dubai Bank, which recorded a loss of around $79 million in 2010.
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