Updated June 29, 2023
Overview of Top Banks in UAE
The UAE Central Bank is the banking regulatory body in the country. There are 26 foreign banks and 23 local banks in the UAE. Even though there are 49 total banks in the country, the five largest banks account for about 60% of the banking sector assets. This picture clearly shows large banks dominate the industry in the country. Islamic banks are also an integral part of the top banks in the UAE; collectively, it accounts for 19% of the total banking sector. Other traditional banks set up 8 full-fledged Islamic banks and 23 Islamic windows in the UAE region.
Top Banks in the UAE can be divided into four categories:
- Merchant banks
- Commercial banks
- Islamic banks
- Industrial banks
As per Moody’s, the banking system in the UAE is stable. A banking system is at resilient capital levels and has enough liquidity buffers to absorb the shock.
Top 10 Banks in UAE
Here is the list of the Top 10 Banks in the UAE:
1. Emirates NBD
The Emirates NBD is the largest banking group in the Middle East region. It was headquartered in Dubai. Bank has 225 branches, 1,079 Automated Tailor Machines (ATMs) & SDMs in the UAE and overseas markets, and around 9,500 employees. Emirates NBD operates through different business segments: Retail Banking and Wealth Management, Islamic Banking (IB), Wholesale Banking, International, and Operations and Information Technology.
In 2018, the bank’s total assets were US $ 134 billion, and its net profit was US $ 2.25 billion.
2. National Bank of Abu Dhabi
Founded in 1968, the National Bank of Abu Dhabi is the largest lending bank amongst the banks in UAE. It lends to retail as well as corporate clients. It has private banking, investment, and Islamic banking services. The bank was headquartered in Abu Dhabi, and it operates in 19 countries across the globe.
The National Bank of Abu Dhabi has total employees of around 11,000. In Mar 2018, the bank reported total assets of US $ 184.5 billion and posted a net profit of US $ 1.89 billion.
3. Abu Dhabi Commercial Bank
Established in 1985, Abu Dhabi Commercial Bank operates in retail, commercial, Islamic banking, and other financial services. The bank offers the following banking services: Consumer Banking, Investments, Treasury Banking, Wholesale Banking, and Property Management. It was headquartered in Abu Dhabi.
Abu Dhabi Commercial employs around 17,000 employees. As of Jan 2017, the bank’s total assets were US $ 72.14 billion, and its net profit was US $ 1.17 billion.
4. First Gulf Bank
The founders established First Gulf Bank in 1979, with its headquarters in Abu Dhabi. The bank operates in the Wholesale Banking Group, Consumer Banking, Treasury and Global Markets, Real Estate, and Other Banking Operations. It has around 1,400 employees, and it is present in 19 countries, including Kuwait, the UK, China, France, Bahrain, Malaysia, Sudan, Switzerland, Lebanon, Hong Kong, Oman, Labuan, Egypt, Jordan, USA, India, and Brazil.
In Q1 2018, the bank’s total assets base amounted to US $92.02 billion, and the net profit for the year was US $2.05 billion.
5. Dubai Islamic Bank
Dubai Islamic Bank, established in 1975, has its headquarters in Dubai. The bank has Consumer Banking, Real Estate Development, Corporate Banking, Treasury, and Other business segments. It has 90 branches across the county and serves nearly 1.7 million clients and customers Across UAE.
In 2017, the Dubai Islamic Bank had total assets of US $56.35 billion and reported a net profit of US $1.23 billion.
6. Mashreq Bank
Mashreq Bank, one of the older banks in the UAE, was established in 1967 and is headquartered in Dubai. The Mashreq Bank is an associated company of the HSBC Group and Joint Stock Company. It provides retail banking, investment banking, commercial banking, Islamic banking, asset management, and brokerage services. The bank has around 46 domestic and 21 international branches, and it is present in Egypt, Kuwait, Qatar, and Bahrain. It has 4,000 employees.
As of 2018, the bank’s total assets were US $ 37.3 billion, and the net profit reported was US $ 620 million.
7. Abu Dhabi Islamic Bank
The Abu Dhabi Islamic Bank was founded in the year 1997, and it was headquartered in Abu Dhabi. It operates through the following segments: Global Retail Banking, Private Banking, Global Wholesale Banking, Real Estate, Treasury, and Others. Abu Dhabi Islamic Bank is present in Egypt, Saudi Arabia, Iraq, and the UK.
In March 2018, the bank’s total assets were US $ 33.76 billion, and its net profit was US $ 600 million.
8. Union National Bank
Established in 1982, Union National Bank provides investment and commercial banking services to salaried individuals, high net-worth individuals, self-employed individuals and business entities in the UAE and other countries. It has headquarters in Abu Dhabi. The Union National Bank has a network of 76 branches around the globe. It operates through its International, Treasury, Financial Institutions, and Investments divisions.
In June 2018, the bank had total assets of US $ 28.2 billion and a net profit of US $ 420 million.
9. Commercial Bank of Dubai
The Commercial Bank of Dubai, established in 1969, has its headquarters in Dubai. The bank offers corporate, personal, commercial, support services, and Islamic banking. It is the 36th largest bank in the region.
The bank reported its total assets at US $ 19.17 billion and a net profit of US $ 275 million as of 2018.
10. RAK Bank
Founded in 1976, RAK Bank has headquartered in Ras Al-Khaimah, UAE. It is also known as the National Bank of Ras Al Khaimah (P.J.S.C). The bank provides retail and commercial banking services to businesses and individuals in the UAE. The business operates through five segments: Retail Banking, Business Banking, Wholesale Banking, Treasury, and Insurance Business. It has a total network of 39 branches, and it serves around 700,000 customers.
In 2017, the total assets reported were US $ 13.21 billion, and the net profit was US $ 220 million.
This has been a guide to Top Banks in UAE. Here we have discussed the 10 topmost banks in UAE with their financial structure. You may also look at the following articles to learn more-