Emirates NBD is the UAE’s most valuable banking brand
Emirates NBD has been ranked once again as the UAE’s most valuable banking brand, in The Banker’s annual brand valuation league table. The ranking was conducted by brand valuation consultancy Brand Finance and published in the February edition of The Banker.
The bank came in a noteworthy 76th place, ranking as the second most valuable banking brand in the MENA region. The ranking registers a brand valuation of $4.04 billion for Emirates NBD, up 14.3% from 2018’s $3.534 billion.
While its valuation has increased, the bank has, however, dropped from its 71st place in 2018, most likely owing to fierce competition from international brands.
Overall, 2018 proved to be a very fruitful year for the bank. Emirates NBD delivered a record set of results in 2018 with net profit up 20% year-on-year to AED 10 billion ($2.72 billion), underpinned by higher income and a lower cost of risk. The bank achieved another milestone as total assets surpassed AED 500 billion ($136.1 billion) for the first time. The Group’s balance sheet remains healthy with a further strengthening in capital coupled with strong liquidity and stable credit quality.
The bank has also received several awards in 2018, among them the ‘Best Bank in the Middle East’ and ‘Best Bank in the UAE’ awards for the fourth consecutive year at the Euromoney Awards for Excellence last year.
Emirates NBD, on the whole, has continued to play a growing role in the region. Its regional Purchasing Managers’ Index (PMI) reports give timely data on the business conditions in countries like Saudi Arabia, the UAE and Egypt.
Which other Middle Eastern banks made the cut?
Coming hot on the heels of Emirates NBD was the First Abu Dhabi Bank, with a rank of 79. This was a notable improvement for the bank’s brand valuation, rising from its 85th position in 2018. Its brand valuation made a 25.2% increase from $3,106 billion to $3,890 billion.
As for Saudi, its Al-Rajhi Bank made the cut, leading among its peer. It came in at 95th place, dropping 2 ranks despite a 12,4% increase in brand valuation to $2.918 billion.
It was closely followed by Saudi’s NCB at 106th place, and Samba Financial Group at 183rd.
Kuwait’s NBK came in at 147th place, down from 121st. The Kuwait Finance House came 174th, up from 180th.
Lebanon’s Bank Audi made it at 393rd, up from 394th. The Mediterranean country’s Blom Bank made the list for the first time, at 460th place.
China leads the pack
Chinese banks nabbed the top 4 spots, with ICBC taking first place at $79.8 billion brand valuation.
The United States followed right behind, holding ranks 5 through 8.
China also held 9th place, with its ChinaMerchants Bank.
The UK secured one spot for itself, with HSBC at 10th place.