South Africa’s Standard Bank Group has consistently held the title of Africa’s top bank year after year, while the National Bank of Egypt has maintained second place for the past four years.
African banks are taking a lead in drawing together the continent’s economies, and increasingly operate across borders.
The biggest banks continue to be the winners, both at working across different jurisdictions and at adopting new technology and adapting to it, and their healthy finances and global networks ensure they are likely to feature in Africa’s Top 100 Banks 2024.
South Africa’s Standard Bank Group has consistently held the title of Africa’s top bank year after year, while the National Bank of Egypt has maintained second place for the past four years. Standard Bank also dominates when it comes to net profit or loss, with a strong rise to $2.7bn profit, up 18% on the year before.
Although the gap between the two has narrowed slightly, Standard Bank still holds a significant lead with Tier 1 capital of $12.5 billion, making it over two-thirds larger than its competitor, which has $7.5 billion in Tier 1 capital.
Morocco’s Attijariwafa Bank has risen three spots to claim third place after its Tier 1 capital, the key measure in the annual ranking, saw a solid 12% increase, reaching $6 billion.
Notably, Africa’s other major banks have seen their core operating capital shrink compared to the 2023 rankings. The dramatic decline of Nigeria’s naira against the US dollar (USD) has impacted this year’s rankings, as banks report their figures in local currency.
Nigeria’s leading bank by Tier 1 ranking is FBN Holdings (First Bank of Nigeria), which is currently ranked 15th, a drop of one spot, with a capital of $1.9 billion. It’s closely followed by Access Bank in 16th place and Zenith Bank in 17th, which has fallen from last year’s top position for Nigerian banks, where it was ranked 12th.
Below are the top 10 banks in Africa in 2024, according to African Business Magazine:
| Rank | Bank name | Country | Date | Tier One Capital (USD millions) | Total Assets (USD millions) | Net Profit/Loss (USD millions) |
|---|---|---|---|---|---|---|
| 1 | Standard Bank Group | South Africa | December 31, 2023 | 13 | 167 | 3 |
| 2 | National Bank of Egypt | Egypt | June 30, 2023 | 7 | 155 | 588 |
| 3 | Attijariwafa Bank | Morocco | December 31, 2023 | 6 | 67 | 916 |
| 4 | Absa Bank | South Africa | December 31, 2023 | 5 | 83 | 455 |
| 5 | Banque Centrale Populaire | Morocco | December 31, 2023 | 5 | 53 | 418 |
| 6 | Banque Misr | Egypt | December 31, 2022 | 5 | 104 | 1 |
| 7 | FirstRand | South Africa | June 30, 2023 | 5 | 88 | 1 |
| 8 | Nedbank | South Africa | December 31, 2023 | 5 | 67 | 641 |
| 9 | Banque Extérieure d’Algérie | Algeria | December 31, 2022 | 3 | 34 | 318 |
| 10 | Bank of Africa – BMCE Group | Morocco | December 31, 2023 | 3 | 39 | 412 |