Saudi Arabia’s Al Rajhi Banking & Investment Corp. topped the list of the 20 largest banks by market capitalization in the Middle East and Africa as of June 30, with a market cap of $73.99 billion, S&P Global Market Intelligence data shows.

S&P Global Ratings recently revised the outlook on Al Rajhi Bank to positive from stable, reflecting its expectation that the bank will be able to outperform its peers in the Gulf Cooperation Council region and maintain its stronger-than-average earnings generation capacity. Fitch Ratings also revised to stable from negative the outlook on the bank, saying Al Rajhi’s financial metrics have been resilient despite the pressures on its operating environment from the COVID-19 pandemic and lower oil prices.

The Saudi National Bank, the resulting entity from the tie-up between National Commercial Bank, or NCB, and Samba Financial Group, came second on the list, with a market cap of $68.77 billion….

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