The United Arabs of Emirates is a country that has grown in terms of economy and the baking systems. If you are thinking about banking in this amazing country, then the following is our take on what we consider as the Best 5 banks in the UAE. Obviously you should consider your choice of bank and account very carefully – however this is our two cents and why!
Best Banks in the UAE
1. Emirates national Bank (NBD)
The bank is the number one ranked bank in the country especially from its remarkable customer services. It had net asset value of over $ 90 million by the end of the previous year when compared to $ 80 million in the year 2012. This has made it one of the best banks in terms of growth over the one year that it has been operating. It also had a return on investment of 5 percent thus beating all the banks in this country in the last financial year. You will find they have ATM points everywhere around town, lending and savings rates are also highly competitive.
2. National bank of Abu Dhabi
The bank is second in terms of ranking in the number of customers. It has over 5 million customers within the country as well as other parts of the world. Last year, the bank had a net asset worth over $ 80 million and this was a 10 percent growth from the $ 69 million in the previous year. Through their products, they have managed to attract people of different types of income including those of lower incomes. This has contributed to their growth in profits for the last couple of years. ATM’s are slightly harder to find and you may be waiting around in order to get service in one of the banks, but the phone service is the best in the country and they also have a very strong online banking capability, this makes it number 2 of our best banks in the UAE.
3. Abu Dhabi Commercial Bank
The bank has grown significantly over the last couple of years due to their impressive number of customers. Last years, they earned after tax profits of $ 5 million making them the first bank to ever reach the limit since banking started in the country. This is attributed to high level of diversification through provision of banking products for the low earning citizens and the business class. Their net asset value is estimated to be over $ 50 million with an estimated number of customers to be 3 million.
4. First Gulf Bank
This an emerging bank in the economy after subsequent mergers with many other banks in the country. Their net asset value is $ 47 million that is an improvement from $ 42 million. This has made it one of the emerging banks in this economy that may over take other banks especially after the impressive performance for the last couple of years. Last years, the bank had a net return of income of about 3 percent that made their shares to increase in the securities exchange.
5. Dubai Islamic Bank
This is also another bank that shown impressive performance over the last couple of years. It has an estimated net worth of $ 35 Million that is a slight improvement from the previous years of $ 30 million. This definitely makes it one of the best banking options available in this country for the people who want to bank with them. This has also enabled them to increase the number of customers that they have to over 2 million within the country. The reason this bank did not rate higher in our best banks in the UAE guide is because we have found international transfers and wires to be incredibly difficult with them, although the retail banking is fine you may want to consider this if you are an ex-pat sending money back home.
In conclusion, if you are thinking about banking in United Arabs of Emirates, then you should always think of the following Best 5 banks. They will ultimately offer the best banking experience when compare to other banks.