Following closely is the National Bank of Egypt, holding on to second place for the fourth consecutive year, with Tier 1 capital of $7.5 billion. Despite narrowing margins, Standard Bank continues to dominate in both profitability and capitalization.
Morocco’s Attijariwafa Bank rose three positions to claim third place, after boosting its core capital by 12% to $6 billion, underscoring its strong performance and regional expansion strategy.
Meanwhile, several other African banks experienced declines in Tier 1 capital, largely due to local currency devaluations. The Nigerian naira's sharp depreciation significantly impacted Nigerian banks’ rankings, with FBN Holdings (First Bank of Nigeria) falling to 15th place with $1.9 billion, down one position. It’s followed by Access Bank (16th) and Zenith Bank (17th), the latter slipping from 12th—the highest rank for a Nigerian bank in 2023.
Other top banks in the continent include:
- Absa Bank (South Africa) – $5 billion
- Banque Centrale Populaire (Morocco) – $5 billion
- Banque Misr (Egypt) – $5 billion
- FirstRand (South Africa) – $5 billion
- Nedbank (South Africa) – $5 billion
- Banque Extérieure d’Algérie (Algeria) – $3 billion
- Bank of Africa – BMCE Group (Morocco) – $3 billion
The rankings underscore the resilience of South African and North African banks, which continue to outperform peers across key metrics including cross-border capabilities, technological innovation, and profitability. However, currency volatility remains a pressing challenge for banks operating in weaker economic environments.