In decades, Africa’s banking sector lived in the shadows of Wall Street, London, and Hong Kong. Today, though, a quiet transformation is underway. Despite holding less than 1% of global bank capital, African banks now account for 2% of global banking profits and boast a remarkable 19.49% return on capital, far higher than many of their peers in Europe or North America.
This paradox that lightweight in scale, heavyweight in profitability, highlights both the promise and the pressure facing the continent’s largest financial institutions. Families, entrepreneurs, and governments alike are watching as these banks attempt to serve two masters: the global markets they aspire to compete in, and the everyday realities of African households that depend on them for savings, loans, and stability.
At the center of this unfolding story are Africa’s giants: South Africa’s Standard Bank, FirstRand, Absa, and Nedbank; Morocco’s Attijariwafa and Banque Populaire; Egypt’s National Bank and Banque Misr; and Nigeria’s Zenith Bank. Each has its own story of ambition, turbulence and adaptation.
1. Standard Bank Group (South Africa)Standard Bank retains its crown as Africa’s leading bank, ranking 152nd globally and climbing four places from 2019. Headquartered in Johannesburg, the bank has faced headwinds: capital dropped 10% to $11.9 billion, assets slipped to $147.7 billion, and net profit fell to $2.3 billion amid a difficult operating environment. Yet its return on equity (ROE) remains impressive at 19.1%, underscoring resilience despite domestic and global challenges.
2. Absa Group (South Africa)Absa has surged to second place continent-wide, rising from fourth in the previous ranking. With $5.4 billion in capital, $75 billion in assets, and profits rebounding to $557 million, the bank is firmly back on investors’ radar. Formerly Barclays Africa, Absa’s independence—cemented by Barclays’ gradual share sell-off—has left it 85% locally held on the Johannesburg Stock Exchange, a symbolic shift toward African ownership.
3. FirstRand (South Africa)Despite a 3% dip in capital to $5.1 billion, FirstRand remains one of Africa’s strongest performers. Assets climbed 6% to $87.6 billion, while net profit rose 5% to $1.5 billion. Its ROE of 29.2%—up from 26.9% the previous year—is far ahead of peers, making it a standout in profitability. Founded in 1998 and licensed by the South African Reserve Bank, FirstRand continues to shine as a leader in innovation and returns.
4. Attijariwafa Bank (Morocco)Rabat-based Attijariwafa has steadily climbed regional rankings, now sitting fourth in Africa and 298th globally. Capital rose 11% to $4.7 billion, while assets surged 26% to $53.3 billion. With operations across multiple African markets, the bank reflects Morocco’s growing role as a continental financial hub. Its expansion comes amid a national GDP growth forecast of 3.18%, supported by government and investor partnerships to spur jobs and investment.
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