The African economy was projected to grow by 3.0% in 2024 by the World Bank. This figure, compared to the global outlook, is positioned to place Africa as the fastest growing economy in the world.
Currently, there are over 700 banks in Africa offering services to more than 500 million people, scattered in 54 countries across the continent.
While some banks have positioned themselves for enhanced delivery, others have concentrated on the continuous building of capacity and growth.
In this post, we take a closer look at the best banks in Africa by measuring their market capitalization and their general growth performance for 2024.
Country: South Africa
The Standard Bank is a South African publicly quoted bank established in 1862. The Bank has its headquarters in Johannesburg, South Africa, and has operations on five continents.
Standard Bank Group started as a subsidiary of Standard Bank in the United Kingdom and was formed by John Paterson, a South African politician in London.
The bank possesses the largest assets on the African continent, with an asset portfolio of $169,858,000,000.
Standard Bank Group also staked a total net profit of $2,320,000,000 for 2023 and an 18% return on equity. These figures place it as the best African bank for 2024.
Country: Egypt
The National Bank of Egypt was established in 1898 and is the oldest commercial bank in Egypt and North Africa.
The bank was established with just a million British pounds and has since expanded to become the second-best bank in Africa.
In 1950, the National Bank of Egypt acted as the Egyptian Central Bank until 1960, when it was succeeded by the Central Bank of Egypt.
The National Bank of Egypt possesses assets to the value of $167,407,000,000. The bank also dragged in a profit of $957,000,000 in 2023 and finished at a 13% return on equity. The National Bank makes it onto our list as the second-best bank in Africa.
Country: Egypt
Banque Misr is an Egyptian bank founded in 1920. The over one hundred-year-old bank was acquired by the Egyptian government in 1960 and has since become a government-owned corporation.
The bank has its headquarters in Cairo, Egypt, and employs over twenty thousand employees scattered in over 500 branches across Egypt.
Banque Misr holds assets worth $118,316,000,000 and finished with a net profit of $1,487,000,000 as of 2023. The bank also made a return on equity of 21%, which is one of the largest records in the Egyptian economy.
Country: South Africa
Nedbank is a South African based financial services provider offering services in insurance, banking, asset management, and others.
The bank is a subsidiary of the Nedbank Group and is publicly quoted on the Johannesburg Stock Exchange.
Nedbank was founded in 1888 and is headquartered in Sandton, South Africa.
Nedbank possesses assets to the tune of $73,800,000,000 and pulled in net profits of $908,000,000 as of 2023.
The bank also finished with a return on equity of 15% and steps up to be the best performing bank in Africa as of today.
Country: South Africa
FirstRand, also known as FirstRand Group or FirstRand Bank, is a financial and banking services company headquartered in Johannesburg, South Africa.
The Bank was founded in 1838 and has maintained a position as one of the continent’s leading financial services providers.
The bank offers services in relation to transactions, lending, asset management, etc. FirstRand Bank employs over forty thousand workers spread across over 300 branches.
As of today, the bank has an asset value of $93,365,000,000 and a net profit of $1,578,000,000, with a return on equity of 29%, which is one of the largest returns on equity of any bank on the continent.
Country: Morocco
Attijariwafa Bank is the first Moroccan bank on the list. The bank is also the best bank in Africa, with the most multinational coverage.
Headquartered in Casablanca, Morocco, and founded in 1904, the bank is solely owned by Al Mada Holding Company.
Attijariwafa Bank finished with an asset of $60,337,000,000, a net profit of $714,000,000, and a 13% return on equity.
Country: South Africa
Absa is also known as the Amalgamated Banks of South Africa Group. The bank is an international financial and banking services provider headquartered in Johannesburg, South Africa.
Absa Bank offers a wide range of services, including wealth management, corporate banking, and investments. The bank was founded in 1991.
Absa Bank has an $87,134,000,000 asset value, a net profit of $718,000,000, and a 13% return on equity.
Country: Morocco
Banque Centrale Populaire is the second Moroccan bank on the list. The bank was founded in 1961 and is headquartered in Casablanca, Morocco. Nonetheless, the bank also has a presence
in several European countries, including Spain, France, the Netherlands, Germany, etc.
The Moroccan bank has an asset of $47,915,000,000, a net profit of $336,000,000, and a 7% return on equity. The Banque Centrale Populaire finishes as one of our eight top banks for 2024.
Country: Algeria
The Banque Exterieure d’Algerie is the first Algerian bank on the list. The bank was founded in 1967 and has maintained capital and asset structures that place it among the top African banks.
Banque Exterieure d’Algerie is headquartered in Bir Mourad Rais, Algeria. The bank offers investors a wide range of credit options, including financing project finance transactions.
The Algerian bank has an asset value of $29,966,000,000 with a $516,000,000 net profit and a 14% return on equity.
Country: Algeria
Another Algerian bank making the list is the Banque Nationale d’Algerie. Founded in 1962, the bank offers varying services, including banking, finance, and wealth management.
The bank currently possesses assets worth $32,229,000,000, with net profits of $336,000,000 and a return on equity of 11%.
Africa’s best banks have two certain features in common: the desire to grow their assets and market capitalization.
Big weights in the African finance space, like Nigeria, didn’t make it to the top ten African best banks list.
Nonetheless, Nigeria holds the 12th, 13th, and 14th spots on the list of the best banks in Africa.