African banks are taking a lead in drawing together the continents 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 Africas Top 100 Banks 2024 (For this years full ranking, please scroll down).
The rise of North African banks has been the main change. South Africas banking giant Standard Bank Group has been Africas standalone Top Bank every year, while the National Bank of Egypt has been second for the last four years. The gap between them has been closing a little, but Standard Bank, with Tier 1 capital of $12.5bn, is still more than two-thirds bigger than its rival, whose Tier 1 capital is $7.5bn.
Moroccos Attijariwafa Bank has climbed three places to third after its Tier 1 capital the main measure of the annual ranking (see Methodology below) climbed by a strong 12% to $6bn. South Africas Absa Bank, which fell back in the rankings last year, is back up to claim its number 4 spot, despite a 1% retreat in its Tier 1 capital, a sign of how core operating capital has retreated at some of Africas other banking giants compared to the 2023 ranking.
Banque Centrale Populaire, another Moroccan bank, has climbed to fifth place. Egypts Banque Misr fell back 30% on Tier 1 capital and ranks sixth (down from third). South Africas Firstrand, Africas biggest bank by market capitalisation (the total value of its shares listed on the Johannesburg Stock Exchange), has seen a 13% decline in its Tier 1 capital and is down to seventh (from fifth), while fellow South African group Nedbank has seen capital down 23% and is eighth, down from fourth in the list.
There was little change in the next three on the ranking: Banque Exterieure dAlgerie stays at ninth despite a 3% slide in Tier 1 capital; Moroccos Bank of Africa BMCE Group is up one place to tenth and displaces Banque Nationale dAlgerie to 11th.
