What are Africa’s top 5 Banks

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What are Africa’s top 5 Banks
What are Africa’s top 5 Banks

What are Africa’s top 5 Banks

The African continent has a lot of banks all over countries across it. Despite the numerous banks, they are grouped or ranked from the biggest to the least in terms of asserts yearly or sometimes, twice a year. The ranking was done through different mediums and sources by different agencies and institutions. Based on assets and profit net we discuss and bring to you the top five banks in Africa.

1 . Standard Bank

Standard Bank
Standard Bank

The top place for the largest banks in Africa goes to Standard Bank Group. The company has its headquarters in Johannesburg. However, the steep growth of its previous year turned into a decline of capital by 10% from $13.2bn to $11.9 at the end of 2017.

Total assets declined by a similar amount to $147.7bn and Net profit was down to $2.3bn with ongoing difficult banking and economic environment. Standard bank’s return on equity (ROE) performance this year was an excellent score of ROE of 19.1%. An in from what was recorded the previous year.

2 . ABSA

Absa Life Insurance Company
ABSA

The bank came second in this year’s bank ranking from last year where it was fourth, with a capital of $5.4bn. It was formerly known as Barclays bank Africa group ltd. They sold Absa group shares equivalent to 12.2% in 2016 and 33.7% in 2017.

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They left about 85% of the bank’s shares widely held on the Johannesburg Stock Exchange(JSE). And their total asset was $75bn and their profit come back to a healthy $557m. This year, they ranked from 152nd to 150th position globally.

3 . First Rand

FIRST RAND
FIRST RAND

The capital of First Rand declines from $5.3bn down to 3% i.e. $5.1bn. The first Rand bank pushed back to the 3rd position with total assets climbing to 6% in $87.6bn despite the falling currency. Their net profit increased by 5% to $1.5bn.

First Rand maintains a high ROE of 29.2%, which is far ahead of the rest of the top banks this year. They increased from 26.9% and they continue to top performance with climbing Return of Asset (ROA) of 1.7%. FirstRand is one of the finance providers which is licensed by the Reserve Bank of South Africa (Banker’s Bank).

4 . Attijariwafa Bank

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Attijariwafa Bank is a multinational commercial bank and a financial services company. It is based in Rabat, Morocco. The 11% growth in capital of $4.7bn helped Attiariwafa bank to push up the ranking from 5th position to 4th.

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They ranked 298th globally from 301 last year with total assets climbing up by 26% to $53.3bn. It is a dynamic bank working in a positive environment with extensive operations across African countries. As per data GDP of Morocco has increased by 3.18% growth forecast due to $121.4bn for this year as the government and investors work together to create job opportunities and growth for business purposes.

5 . National Bank

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It is the largest bank in terms of bank capital, deposits, assets, the number of branches, and employees. It ranks 79 places from 292 last year to 371 in 2020 and it shows the second-fastest growth in capital in the list of top banks with a 15% gain of $4.6bn and pushing it up from 6th position to 5th position, total assets grew by 15% to $86.2 and net profit slumped by 24% to $565m.

National banks aim to increase their market share by 3% by the end of 2023 as compared to 1.1% according to lhab EI-Sewerky, CEO of Bank. National Bank won Best Retail of Egypt in 2019 for the seventh consecutive year.

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