Africa’s Biggest Banks Enjoy Strongest Year on Record

Africa’s largest banks have recorded their strongest year on record, with combined Tier 1 capital among the Top 100 rising 23% to $155 billion, surpassing the previous peak of $135.3 billion in 2022. Total assets also increased 16%, reaching $1.8 trillion, as stronger currencies, economic growth, and improved profitability boosted banking performance across the continent. Standard Bank retained the top position, increasing its capital from $13.2 billion to $15.7 billion. The bank also reported $217.7 billion in assets and $3.4 billion in profits. The National Bank of Egypt remained second, while Morocco’s Attijariwafa Bank held third place. Nigerian banks also rebounded after years of currency depreciation, with combined Tier 1 capital rising from $10.3 billion to $15.2 billion as recapitalization rules took effect. North Africa remained the strongest region by capital, while West and Central Africa recorded the fastest percentage growth. The stronger balance sheets could help banks finance infrastructure, trade, and financial inclusion, although Africa’s financing gap remains substantial.