Race of Big Numbers: Fierce Competition Between «Emirates NBD» and «Saudi National Bank» for Third Place Among the Largest Banks in MENA
Amid intensifying competition among leading Arab banks, a new episode of «Race of Big Numbers» highlights the heated rivalry between Saudi National Bank and Emirates NBD for the title of the third-largest bank in the Middle East and North Africa.
According to 2025 data, «Saudi National Bank» maintains its position as the third-largest bank regionally, while «Emirates NBD» ranks fourth, reflecting increasing convergence in size and performance indicators.
Total assets at «Saudi National Bank» reached 322.61 USD bn by the end of 2025, compared to 317.04 USD bn for «Emirates NBD» over the same period.
At the deposits level, the competitive landscape shifts notably, with «Emirates NBD» taking the lead with a deposit base of 214.01 USD bn by end-2025, compared to 169.59 USD bn for «Saudi National Bank». This advantage has been gradually reinforced over recent years, driven by a faster growth trajectory at the UAE-based bank.
In lending activity, however, «Saudi National Bank» continues to hold the edge, with net customer loans reaching 194.44 USD bn by end-2025, versus 172.31 USD bn for «Emirates NBD» during the same year.
Structural shifts in the competitive landscape become more evident when analyzing growth rates between 2022 and 2025. «Emirates NBD» recorded strong total asset growth of 56.9%, compared to 28.2% for «Saudi National Bank», helping narrow the gap from 49.61 USD bn to just 5.56 USD bn by the end of the period.
This growth outperformance extends to deposits, where «Emirates NBD» achieved total growth of 56.3% over three years, compared to only 12.1% for its Saudi counterpart. This enabled it to surpass «Saudi National Bank» since 2022 and widen the deposit gap to 44.42 USD bn by end-2025.
In terms of lending, «Emirates NBD» posted loan growth of 51.9% over the past three years, compared to 34% for «Saudi National Bank», reducing the credit gap to 22.14 USD bn by end-2025, down from 31.69 USD bn in 2022.
On profitability, both banks show close performance, with «Saudi National Bank» reporting net profit of 6.66 USD bn in 2025, compared to 6.54 USD bn for «Emirates NBD» in the same year.
Returns, however, tilt in favor of «Emirates NBD», which delivered a return on average assets (ROAA) of 2.22%, compared to 2.16% for «Saudi National Bank». It also significantly outperformed in return on average equity (ROAE), recording 17.71% versus 12.60%.
On the other hand, «Saudi National Bank» retains a relative advantage in capital base, with capital reaching 16 USD bn by end-2025, compared to 1.72 USD bn for «Emirates NBD». This provides stronger capacity to support future expansion, absorb shocks, and maintain higher financial resilience.
Overall, the financial indicators reflect a delicate balance between «scale strength» and «growth momentum». While «Saudi National Bank» maintains a relative lead supported by a strong capital base and larger balance sheet, «Emirates NBD» continues to build momentum through accelerated growth and higher operational efficiency, gradually reshaping the competitive landscape.
With the clear acceleration in asset growth at «Emirates NBD» and the narrowing gap to record-low levels, the key question emerges: will «Emirates NBD» succeed in overtaking «Saudi National Bank» to claim the third position regionally by asset size in the coming period, or will «Saudi National Bank» manage to defend its position?
