61 Gulf Banks Account for 88% of the Profits of the Largest 100 Arab Banks During Q1 2026

First Bank’s ranking of the Top 100 Arab Banks by Net Profit in Q1 of 2026 revealed the continued dominance of Gulf banks across the Arab banking landscape. Banks from the GCC countries occupied 61 positions in the ranking, generating a combined net profit of 17.36 USD bn, accounting for approximately 88% of the total net profits recorded by the 100 banks included in the list. This highlights the continued concentration of profitability within the Arab banking sector in the Gulf economies.

The UAE ranked first among GCC countries in terms of total net profits, with its banks generating 6.63 USD bn during Q1 of 2026, representing around 38% of the profits earned by GCC banks included in the ranking. This underscores the significant weight of UAE banks within the Gulf banking sector.

«Emirates NBD» led this performance, reporting a net profit of 1.75 USD bn, followed by First Abu Dhabi Bank with 1.37 USD bn. Together, the two banks accounted for nearly half of the profits generated by UAE banks featured in the ranking.

Saudi Arabia ranked second, with only a narrow gap behind the UAE, as 10 Saudi banks generated combined net profits of 6.39 USD bn, reflecting the strong profitability base of the Kingdom’s banking sector.

Al Rajhi Bank led the Saudi banking sector and topped the ranking of the most profitable Arab banks during Q1 of 2026, reporting net profits of 1.80 USD bn. Saudi National Bank ranked second among Saudi banks with net profits totaling 1.71 USD bn.

Qatar came in third place, with 9 Qatari banks recording aggregate net profits of 2.08 USD bnduring Q1 of 2026.

Qatar National Bank alone accounted for more than half of the profits generated by Qatari banks included in the ranking, posting net profits of 1.21 USD bn. It was followed by Qatar Islamic Bank, which recorded net profits of 270 USD mn during the period.

In Kuwait, 9 banks generated combined net profits of 1.50 USD bn, placing the Kuwaiti banking sector fourth among GCC countries.

«Kuwait Finance House» led the Kuwaiti market with net profits of 714 USD mn, benefiting from its position as the country’s largest Islamic bank. «National Bank of Kuwait» ranked second with net profits of 478 USD mn, with both banks continuing to drive profitability within the Kuwaiti banking sector.

Bahrain ranked fifth, with 8 banks generating total net profits of 398 USD mn during Q1 of 2026.

Al Baraka Banking Group led Bahraini banks with net profits of 93 USD mn, followed by Bank of Bahrain and Kuwait with 69.7 USD mn. The Bahraini banking market remains characterized by relatively balanced profitability levels across several institutions compared with larger Gulf markets.

The Sultanate of Oman ranked sixth among GCC countries, with 7 banks reporting combined net profits of 360 USD mn during Q1 of 2026.

Bank Muscat led Omani banks with net profits of 166 USD mn, followed by Sohar International Bank with 68 USD mn, reflecting the continued concentration of profitability among a limited number of leading banks within the Omani banking sector.