gcc banking 082011

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Global Research

Sector-Banking

August 2011

GCC Banking Sector Quarterly 2Q11

GCC banking profitability increased by 25% in 2Q11

Kuwait & Oman banks offer a painful negative surprise for 2Q11

GCC banks witness 15% drop in provisions Qatar & UAE banks steal limelight with stellar top-line growth

GCC banking profitability increased by 25% 2Q11

GCC banks under our coverage saw another good quarter with profits rising 28%YoY and4%QoQ. Adjusted for distortions (one-off gains and high provisions booked by ENBD andADCB in 1Q11 & 2Q11 resp.) this figure is reduced to 25%YoY and 4%QoQ highnonetheless. UAE and Qatar stood out in terms of highest profit growth achieved YoYduring the quarter while Oman was the only country that witnessed a decline.

Kuwait & Oman offer a painful negative surprise for 2Q11

The results for Kuwait & Oman banks under our coverage for 2Q11 offered a negativesurprise with almost all banks in Kuwait exhibiting results much below our expectations withthe exception of Burgan Bank. CBK offered the highest deviation from our forecast amongKuwaiti banks. Bank Muscat and NBO were the exceptions amongst Omani banks wherethe remaining banks exhibiting a strong negative deviation. While aggregate results of UAEand KSA banks were in line with our expectations (

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Global Research GCC GCC Banking Quarterl

August 2011 2

Name Country Mkt. Cap Current

US$ mn 1m 3m 12m 2010 a 201 1e 20 10a 2011e 2 010a 2011e 2010a 201 1e 2010a 20 11e Price

National Bank of Kuwait Kuwait 14,889 -8.8% -16.1% -0.2% 13.4 13.0 2.0 1.9 16.0% 14.7% 2.3% 2.3% 3.3% 14.3% 1.04

Kuwait Finance House Kuwait 8,786 -9.2% -12.7% -9.4% 22.6 23.9 2.0 1.9 9.0% 8.2% 0.9% 0.8% -5.6% 51.6% 0.89

Com mercial Bank of Kuwait Kuwait 3 ,876 -4.6% -10.8% -4.2% 26.1 24.3 2.3 2.2 8.9% 9.1% 1.1% 1.1% 7.2% 69.6% 0.83

Burgan Bank Kuwait 2,512 -5.1% -12.3% 37.5% 145.6 15.6 1.6 1.5 1.3% 9.9% 0.1% 1.0% 835.8% 32.7% 0.4

Al Rajhi Bank KSA 27,995 -5.1% -5.4% -6.6% 15.5 13.4 3.5 3.6 22.9% 26.3% 3.8% 4.0% 15.7% 23.9% 70.0

SAMBA KSA 10,678 -8.1% -17.4% -22.7% 9.0 8.6 1.6 1.4 18.4% 17.3% 2.4% 2.4% 5.1% 14.8% 44.5

Riyad Bank KSA 9,638 -2.2% -4.1% -4.4% 12.8 11.7 1.2 1.2 9.8% 10.7% 1.6% 1.7% 9.8% 21.9% 24.1Saudi British Bank KSA 8,298 -4.8% -5.7% -3.0% 16.5 12.9 2.1 1.9 13.3% 15.3% 1.5% 1.9% 28.1% 19.2% 41.5

Arab National Bank KSA 6,561 -4.9% -11.1% -0.5% 12.9 11.3 1.6 1.6 12.8% 14.0% 1.7% 1.8% 14.3% 21.0% 28.9

Saudi Investment Bank KSA 2,603 -5.3% -6.1% -1.4% 22.7 10.9 1.2 1.1 5.5% 10.4% 0.8% 1.7% 108.3% 37.5% 17.75

Banque Saudi Fransi KSA 8,098 -3.7% -10.7% 1.5% 10.8 9.8 1.7 1.6 16.6% 16.8% 2.3% 2.4% 10.6% 16.6% 42.0

Saudi Hollandi Bank KSA 2,443 -7.0% -8.3% -14.5% 11.6 9.3 1.4 1.3 13.2% 14.5% 1.4% 1.8% 24.0% 18.3% 27.7

Alinma Bank KSA 3,659 -7.6% -9.9% -16.1% 903.0 64.7 0.9 0.9 0.1% 1.3% 0.1% 0.6% 1295.6% 61.4% 9.15

Bank AlJazira KSA 1,292 -15.0% -17.2% -3.3% 167.6 23.7 1.0 1.0 0.6% 4.2% 0.1% 0.6% 608.4% 77.3% 16.15

Bank AlBilad KSA 1,432 -3.5% -6.0% -7.7% 58.2 15.2 1.7 1.6 3.0% 10.8% 0.5% 1.5% 283.0% 58.4% 17.9

Abu Dhabi Com mercial Bank UAE 4,464 -10.7% 4.3% 76.5% 43.0 5.1 1.1 0.9 2.5% 18.9% 0.2% 1.7% 738.4% -22.1% 2.93

Emirates NBD UAE 6,037 -7.4% 3.9% 74.8% 9.5 5.3 0.7 0.7 8.1% 13.5% 0.8% 1.4% 79.0% 15.4% 3.99

First Gulf Bank UAE 6,289 -13.5% -17.2% 21.7% 6.8 6.6 1.2 1.0 18.5% 16.9% 2.6% 2.4% 2.5% 22.0% 15.4

National Bank of Abu Dhabi UAE 8,869 1.8% 1.3% 23.6% 8.8 9.0 1.6 1.4 20.2% 16.9% 1.8% 1.6% -1.4% 25.9% 11.35

Union National Bank UAE 2,249 -7.5% -6.5% 27.2% 6.1 5.6 0.8 0.8 14.9% 14.3% 1.7% 1.7% 9.1% 25.0% 3.3

Qatar National Bank Qatar 24,090 -3.9% -4.9% 42.8% 15.4 12.0 3.9 2.3 27.9% 24.2% 2.8% 2.9% 27.7% 29.5% 137.9

Commercial Bank of Qatar Qatar 5,002 1.0% 0.1% 10.6% 11.1 10.9 1.7 1.5 15.1% 14.3% 2.7% 2.6% 2.3% 10.3% 73.6

Doha Bank Qatar 3,185 9.4% 3.5% 34.0% 11.0 9.8 2.3 2.0 21.0% 21.5% 2.3% 2.4% 12.5% 10.5% 56.1

Qatar Is lamic Bank Qatar 5 ,055 -1.1% -3.8% 12.0% 13.8 13.3 2.3 1.8 17.2% 15.3% 2.9% 2.5% 3.9% 15.1% 77.9Al Rayan Bank Oman 4,746 -4.0% -2.3% 64.6% 14.3 12.6 3.4 2.3 23.8% 21.8% 4.1% 3.4% 12.9% 20.5% 23.04

Bank Muscat Oman 2,695 -11.4% -8.0% -7.9% 10.2 9.3 1.3 1.2 13.5% 13.2% 1.7% 1.9% 9.7% 18.1% 0.6

National Bank Of Oman Oman 865 -6.4% 0.0% -2.7% 12.3 11.1 1.3 1.2 10.5% 11.0% 1.5% 1.6% 9.9% 15.8% 0.3

Oman International Bank Oman 624 -5.0% -5.0% 3.7% 13.7 13.3 1.4 1.3 10.3% 10.4% 1.6% 1.5% 2.9% 8.8% 0.25

Bank Dhofar Om an 1,348 0.0% -12.2% -6.5% 15.6 13.6 2.3 2.0 15.5% 15.7% 2.1% 2.2% 15.1% 10.0% 0.5

Ahli Bank Oman 529 -5.2% -5.6% 4.7% 14.6 10.1 2.0 1.6 14.3% 17.9% 2.0% 2.4% 45.3% 17.5% 0.25

Source: GlobalResearch* All figures in local currency unless mentioned otherwise

Banking Universe Data Set

Stock Performance P/E P/BV ROE ROA Earnings Growth

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Global Research - GCC GCC Banking Quarterly

August 2011 3

GCC banking profitability witnesses a rise of 25%YoY in 2Q11

GCC banks under our coverage saw another good quarter with profits rising 28%YoY and 4%QoQ. Adjusted

for distortions (one-off gains and high provisions booked by ENBD and ADCB in 1Q11 & 2Q11 resp.) this

figure is reduced to 25%YoY and 4%QoQ high nonetheless. UAE and Qatar stood out in terms of highest

profit growth achieved YoY during the quarter while Oman was the only country that witnessed a decline.

Adjusted Banking Profits - 2Q11

Source: Company Financials, Global Research

On an aggregate level, GCC banks witnessed a healthy growth in the net interest income (+7%YoY) and

exhibited a strong rise in non-interest income(+23%YoY). A major contributor to the jump in profits was the

significant drop in provisions (-15%YoY). Speaking sequentially, while profits were up 4%QoQ, the credit

goes to a robust jump in NII (+5%QoQ) since non-interest income retreated (-3%QoQ) and provisions rose

7%QoQ.

Kuwait & Oman offer a stinging negative surprise for 2Q11

The results for Kuwait & Oman banks under our coverage for 2Q11 offered a negative surprise with almost

all banks in Kuwait exhibiting results much below our expectations with the exception of Burgan Bank. CBK

offered the highest deviation from our forecast among Kuwaiti banks.

2Q11 Earnings vs Expectations

Country Analysis Variation

UAE In line 0.9%

Kuwait Negative surprise -21.1%

Oman Negative surprise -38.8%

Qatar Positive surprise 7.8%KSA In line 4.9%

Source: Company Financials, Global Research

In line: 5%, higher than forecast

Bank Muscat and NBO were the exceptions amongst Omani banks where the remaining banks exhibiting a

strong negative deviation. While aggregate results of UAE and KSA banks were in line with our expectations

(

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Global Research GCC GCC Banking Quarterly

August 2011 4

2Q11 Earnings vs Expectations

Bank Analysis Bank Analysis

Abu Dhabi Commercial Bank Positive surprise First Gulf Bank In line

Ahli Bank of Oman Negative surprise Kuwait Finance House Negative surprise

Al Rajhi Bank In line National Bank of Abu Dhabi In line

Al Rayan Bank In line National Bank of Kuwait Negative surprise

Arab National Bank In line National Bank of Oman Positive surprise

Bank Al Bilad Positive surprise Oman International Bank Negative surprise

Bank Dhofar Negative surprise Qatar Islamic Bank Positive surprise

Bank Muscat Positive surprise Qatar National Bank In line

Banque Saudi Fransi In line Riyad Bank In line

Burgan Bank In line Samba Financial Group Negative surprise

Commercial Bank of Kuwait Negative surprise Saudi Hollandi Bank Positive surprise

Commercial Bank of Qatar Positive surprise The Saudi British Bank Positive surprise

Doha Bank Positive surprise The Saudi Investment Bank Positive surprise

Emirates NBD Negative surprise Union National Bank In line

Source: Company Financials, Global ResearchIn line: 5%, higher than forecast

Qatar and UAE banks steal limelight on robust top-line performance

Albeit banking sectors of all the GCC countries with the exception of KSA (-3%YoY) saw a rise in their NII,

Qatar, Kuwait and UAE banks saw the highest jump (among peers) in their net interest income in 2Q11, up

13%YoY, 13%YoY and 12%YoY respectively. Qatars top-line rose on account of robust volumetric growth

(loans jumped 19%YoY and interest earning assets (IEA) grew 34%YoY) while net interest margin (NIM)

eroded by 44bps. On a quarterly basis, NII was up 4%QoQ that too on the basis of a 5%QoQ rise in IEA

while NIM lost 6bps over the previous quarter.

In Kuwait, volumes grew only 5%YoY but 19bps were added to the NIM as cost of funds saw further

rationalization. On a quarterly basis, NII improved by 6%QoQ driven largely by a 13bps addition to the NIM

while IEA remained inched up by 2%.

As for UAE a joint effort from both the factors led to the mentioned performance with the IEA up 10%YoY

(net loans up by 3%YoY) and NIM increased by 5bps. On a quarterly basis however, volumes shrank by

0.5%QoQ exhibiting stagnancy while NIM increased by a heavy 11bps nonetheless UAE banks secured a

6%QoQ jump in NII. The quarterly increase in NIM can be attributed to excess liquidity in the UAE banking

system leading to decline in interbank rates which trickled down to lower cost of funds; as per our

calculations, cost of funds fell more sharply than yield on assets 31bps against 16bps respectively from the

previous quarter.

GCC banks witness 15%YoY drop in provisions, 53%YoY down for KSA

GCC banks (under our coverage) witnessed a 15%YoY drop in provision expense for the quarter under

review. Provisions were lower for all countries except for Oman and Kuwait provisions taken by Omani

banks doubled in 2Q11 while that for Kuwait increased by 4%YoY. KSA banks stood out with provisions

dropping to half of what they used to be while UAE and Qatar saw a decline of 9 10%YoY.

The substantial rise in provisions for Omani banks was led by its 2 largest banks namely Bank Muscat and

NBO while the remaining either saw decline in provisions or contributed little to the increase. In Kuwait,

Burgan Bank was the only bank in our coverage that saw a decline in provisions (that too a massive one)

only to be overshadowed by significant rise coming from NBK and CBK while that of KFH remained

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August 2011 5

unchanged but high nevertheless. All KSA banks under our coverage saw significant decline in provisions

with the exception of SHB which posted a 24%YoY increase. The absolute increase in SHBs provisions was

however only marginal and did portray a declining trend QoQ. UAE based banks saw a mixed trend in terms

of provisions with most banks exhibiting an increase. The increase in provisioning levels of these was

however offset by the decrease shown by ENBD and ADCB during the quarter. Noteworthy, albeit ADCB

saw a decline in provisions YoY, these were still on the higher side perhaps as a smoothening off due to

one-off windfall gains booked by the bank during the quarter provisions are therefore expected to slide off

for ADCB going forward, given no new delinquencies are added.

Provisions in 2Q11

YoY QoQ

GCC -15% 7%

UAE -9% 7%

Kuwait 4% 29%

KSA -53% -13%

Oman 108% -19%

Qatar -10% -3%

Source: Company Financials

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Global Research - GCC GCC Banking Quarterly

August 2011 5

Money Supply (M2)

Saudi Arabia Qatar

UAE Kuwait

Oman Bahrain

Source: Central Banks, Global Research

-2.3%

1.3%

3.0%

-1.4%

-0.4%

1.9%

5.4%

-2.1%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

23

24

24

25

25

26

26

27

27

28

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

KWDbn

1.5%

0.6%

2.0%

1.2% 1.2%

2.6%

6.1%

2.1%

0%

1%

2%

3%

4%

5%

6%

7%

660

680

700

720

740

760

780

800

820

840

860

880

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

AEDbn

11%

3%

13%

-4%

7%6%

2%

17%

-5%

0%

5%

10%

15%

20%

0

50

100

150

200

250

300

350

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

QARbn

-0.2%

5.8%

1.7%

6.1%

-0.1%

2.6%

0.6%0.0%

-1%

0%

1%2%

3%

4%

5%

6%

7%

6.0

6.2

6.4

6.66.8

7.0

7.2

7.4

7.6

7.8

8.0

8.2

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

BHDbn

1%

3%

5%

-1%

2%

5%

-1%

1%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7.0

7.2

7.4

7.6

7.8

8.0

8.2

8.4

8.6

8.8

9.0

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

Apr-11

OMRbn

-0.1%

2.6%

1.3%

3.0%

1.0%

3.9%

6.5%

3.1%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

-

200

400

600

800

1,000

1,200

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

SARbn

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August 2011 7

Deposits

Saudi Arabia Qatar

UAE Kuwait

Oman Bahrain


-0.8%

2.5%1.6%

-0.5%-0.6%

0.8%

4.9%

-4.2%

-6%

-4%

-2%

0%

2%

4%

6%

26

27

27

28

28

29

29

30

30

31

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

KWDbn1.6%

0.6%

-1.6%

1.9%

2.8%

3.6%

5.3%

1.9%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

850

900

950

1,000

1,050

1,100

1,150

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

AEDbn

8%

3%

10%

0%

7%6%

1%

14%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

50

100

150

200

250

300

350

400

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

QARbn

-1%

4%

0.2%

6.2%

3.6%2.5%

9.4%

-3.3%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

0

2

4

6

8

10

12

14

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

BHDbn

2%3%

9%

0%1%

5%

1% 1%

-2%

0%

2%

4%

6%

8%

10%

0

2

4

6

8

10

12

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

Apr-11

OMRbn

-0.6%

3.2%

-2.1%

2.4%

1.3%

3.1%

5.9%

1.1%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%4.0%

5.0%

6.0%

7.0%

800

850

900

950

1,000

1,050

1,100

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

SAR

bn

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August 2011 8

Loans

Saudi Arabia Qatar

UAE Kuwait

Oman Bahrain


0.6%

1.9%

1.3%

0.1%

-0.6%

0.3%

0.9%

0.0%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

24.5

24.6

24.7

24.8

24.9

25.0

25.1

25.2

25.3

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

KWDbn

1.2%

-0.3%

0.4% 0.4%

1.2%

-0.7%

1.6%

0.8%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

990

1,000

1,010

1,020

1,030

1,040

1,050

1,060

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

AEDbn

7%8%

7%

2%

4%

2%

0%

8%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0

50

100

150

200

250300

350

400

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

QARbn

-2%

2%

-2.1%

-1.1%

2.6%

-3.0%

0.1% 0.1%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

5.5

5.6

5.7

5.8

5.9

6.0

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

B

HDbn

-0.3%

2.2%

1.7% 1.7%

3.9%

1.4%

2.3%

0.4%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

8.5

9.0

9.5

10.0

10.5

11.0

11.5

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

Apr-

11

OM

Rbn

2.4%

-1.6%

1.6% 2.0% 1.7%

0.3%

2.9% 2.7%

-2%

-1%

0%

1%

2%

3%

4%

680

700

720

740

760

780

800

820

840

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

SARbn

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August 2011 9

Liquidity (Loans/Deposits ratio)Saudi Arabia Qatar

UAE Kuwait

Oman Bahrain


81%

82%

83%

84%

85%

86%

87%

88%

89%

90%

91%

-6%

-4%

-2%

0%

2%

4%

6%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

Loans/Deposits Deposits Loans

85%

90%

95%

100%

105%

110%

115%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11


73%

74%

75%

76%

77%

78%

79%80%

81%

82%

83%

-3%

-2%

-1%

0%

1%

2%

3%4%

5%

6%

7%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11


86%

88%

90%

92%

94%

96%

98%

100%

102%

104%

106%

108%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

Loans/Deposits (RHS) Deposits Loans

0%

10%

20%

30%

40%

50%

60%

70%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11


96%

98%

100%

102%

104%

106%

108%

110%

-2%

0%

2%

4%

6%

8%

10%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

Apr-11


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August 2011 10

Interest rates (interbank 1year)

Saudi Arabia Qatar

UAE Kuwait

Oman Bahrain (6-month)


2.0%

2.4%

2.8%

3.2%

3.6%

4.0%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

0.8%

0.9%

1.0%

1.1%

1.2%

1.3%

1.4%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

2.0%

2.2%

2.4%

2.6%

2.8%

3.0%

3.2%

3.4%

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

1.2%

1.3%

1.4%

1.5%

1.6%

1.7%

1.8%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

0.00%

0.02%

0.04%

0.06%

0.08%

0.10%

0.12%

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

0.2%

0.4%

0.6%

0.8%

1.0%

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

8/3/2019 GCC Banking 082011

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August 2011 11

GCC Banks Comparative Standing 1Q11

LTD

Cost Income Ratio

Provisions to Total Income

Source: Financial Accounts, & Global Research

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

NBK

KFH

CBK

Burgan

RJHI

ANB

BSF

RIBL

SABB

SAMBA

SHB

SIBC

ALINMA

BJAZ

Bilad

NBAD

ENBD

FGB

UNB

ADCB

QNB

CBQ

DohaBank

QIB

BankMuscat

NBO

BankDhofar

OIB

AhliBank

0%

10%

20%

30%

40%

50%

60%

70%

80%

N

BK

KFH

C

BK

Burg

an

RJHI

ANB

B

SF

RIBL

SABB

SAMBA

SHB

SIBC

ALINMA

BJ

AZ

Bilad

NBAD

ENBD

FGB

UNB

ADCB

QNB

CBQ

DohaBa

nk

Q

IB

BankMusc

at

NBO

BankDhofar

O

IB

AhliBa

nk

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

NBK

KFH

CBK

Burgan

RJHI

ANB

BSF

RIBL

SABB

SAMBA

SHB

SIBC

ALINMA

BJAZ

Bilad

NBAD

ENBD

FGB

UNB

ADCB

QNB

CBQ

DohaBank

QIB

BankMuscat

NBO

BankDhofar

OIB

AhliBank

8/3/2019 GCC Banking 082011

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August 2011 12

GCC Banks Relative Valuation

Source: Financial Accounts, & Global Research

P/BV vs ROE

P/E vs Earnings Growth

NBK

KFH

CBK

RJHI

ANB

BSF

RIBL

SABB

SAMBA

SHB

SIBC

ALINMA

BJAZ

Bilad

NBAD

ENBD

FGB

UNB

ADCB

QNB

CBQ

Doha Bank

QIB

MARK

Bank Muscat

NBO

Bank Dh ofar

OIB

Ahli Bank

0%

5%

10%

15%

20%

25%

30%

0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

2012eROE

2012e P/BV

NBK

RJHI

ANB

BSF

RIBL

SABB

SAMBA

SHB

SIBCNBAD

ENBD

FGBUNB

ADCB

QNB

CBQ

Doha Bank

QIBMARK

Bank Muscat NBO

Bank DhofarOIBAhli Bank

10%

15%

20%

25%

30%

3.0 6.0 9.0 12.0 15.0

3-yrEarningsCAGR

2012e P/E

8/3/2019 GCC Banking 082011

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August 2011 13

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