The Big Numbers Race: Four banks battle for Arab top 30 lenders spot

Translated & Edited by Aya Elsayed

Competition at the edge of the Arab world’s 30 largest lenders is becoming increasingly intense, with narrow portfolio gaps and sharply different growth rates turning scale into a battle for position.

The pressure is particularly evident at the edge of the top 30 with Commercial Bank of Qatar ranking 30th, followed by Emirates Islamic in 31st place, Boubyan Bank in 32nd and Dukhan Bank in 33rd.

With the gaps between these positions relatively narrow, the pace of loan growth becomes a decisive factor in determining the direction of competition and the potential for further changes in ranking.

Movements in loan portfolios during the first half of 2026 reveal a clear divergence in performance across the four banks. Three recorded growth, while Commercial Bank posted a decline, producing markedly different trajectories despite the relatively close size of their portfolios.

Compared with end-2025, Commercial Bank’s loan portfolio declined 1.5 per cent to USD 28.18bn at end-June 2026, from USD 28.60bn at the end of last year.

By contrast, Emirates Islamic recorded the strongest loan growth among the four banks during the first half, with its portfolio rising 9.1 per cent on a half-year basis to USD 26.39bn at end-June 2026, from USD 24.19bn at end-2025.

Boubyan Bank’s loan portfolio increased 5.4 per cent on a half-year basis to USD 26.29bn at end-June 2026, from USD 24.94bn at end-2025.

Dukhan Bank’s loans rose 5.5 per cent to USD 25.99bn at end-June 2026, from USD 24.63bn at end-2025.

The differences become more pronounced when measured by the actual increase in loans during the first six months of 2026.

Emirates Islamic added approximately USD 2.19bn to its portfolio, compared with USD 1.37bn for Dukhan Bank and USD 1.35bn for Boubyan Bank, while Commercial Bank of Qatar’s portfolio contracted by approximately USD 420.52mn.

Short-term momentum, different trajectories

While loans movements during H1 2026 are important in assessing the current competitive picture, they do not alone capture the longer-term paths of the four banks. Compound annual growth rates over the past three years, specifically from end-2022 to June 2026, reveal deeper differences in the pace of expansion.

Emirates Islamic also ranked first among the four by compound annual growth in loans, at approximately 22 per cent, followed by Boubyan Bank at 9.2 per cent and Dukhan Bank at around 6.6 per cent. Commercial Bank recorded approximately 1.3 per cent.

Comparing H1 2026 growth with compound annual loan growth since end-2022 confirms Emirates Islamic’s sustained advantage in expansion. It ranked first among the four across both periods, followed by Boubyan Bank and Dukhan Bank, while Commercial Bank recorded the lowest growth rate over the longer period.

This suggests that the differences in growth momentum are not merely the product of short-term performance, but reflect more persistent divergence in loan portfolio expansion, giving the faster-growing banks greater scope to narrow the gap with institutions immediately ahead of them.

What if current momentum continues?

Assuming the four banks sustain their H1 2026 growth pace through the second half, Emirates Islamic’s loan portfolio could reach approximately USD 28.78bn by year-end, compared with around USD 27.77bn for Commercial Bank, USD 27.71bn for Boubyan Bank and USD 27.44bn for Dukhan Bank.

Under this scenario, the ranking could shift materially. Emirates Islamic’s faster growth would be enough to overtake Commercial Bank of Qatar by end-2026, move into 30th place, and enter the Arab world’s 30 largest lenders, while Commercial Bank would slip to 31st and fall outside the group.

For Boubyan Bank and Dukhan Bank, despite growth in their loan portfolios during H1 2026, the increases recorded would not be sufficient to close the existing gap with the two banks immediately ahead of them.

Competition around the Arab top 30 is therefore shaped not by loan scale alone, but by each bank’s ability to sustain growth strong enough to close the gap with those ahead, particularly where portfolio sizes are tightly clustered and modest differences in momentum can quickly alter the ranking.