The list of largest banks in Africa in 2022

In 2022, Africa's banking landscape is dominated by a few massive players. The largest banks in Africa are a testament to the continent's growing economic power.

The top 5 largest banks in Africa in 2022 are based on their total assets. South Africa's Standard Bank Group tops the list with over $150 billion in assets.

The largest banks in Africa have a significant presence in various countries across the continent. They offer a wide range of financial services to individuals, businesses, and governments.

These banks have a strong track record of stability and profitability, making them attractive partners for investors and customers alike.

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Africa has a smaller number of commercial banks compared to other continents, with only 763 banks across 54 countries.

Kenya and Egypt have the highest concentration of commercial banks in Africa, with 39 and 37 banks respectively.

The African continent has a significantly lower number of commercial banks compared to Asia, the European Union, and the USA, with 1,900, 6,000, and over 4,000 banks respectively.

Some African banks have total assets valued at over $100 billion, despite having lower valuations compared to their foreign counterparts.

Here are the largest banks in Africa by asset size:

In Africa, some of the largest banks have a long history of providing financial services to their customers.

Barclays Africa Group is one of the notable banks in the continent, operating in 12 countries.

Standard Bank Group is another prominent bank, with a presence in 20 countries across Africa and a significant market share in South Africa.

Banks like Absa Group and Ecobank Transnational Incorporated have also made a name for themselves in the African banking sector.

Absa Group is the second-largest bank in South Africa and Africa after Standard Group, with an impressive asset value of US$97.2 billion.

It's a subsidiary of Barclays Bank, a global financial service provider that acquired Absa in 2005 and is currently its largest shareholder.

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First Rand Bank is a significant player in the African banking industry, boasting assets in excess of US$80 billion.

Headquartered in Johannesburg, the bank is licensed by the Reserve Bank of South Africa and operates in eight countries across Africa.

First Rand Bank also has branches in London and India, expanding its reach globally.

The bank was established in 1998 following the merger between Anglo American Corporation of South Africa Limited and RMB Holding.

Today, First Rand Bank has approximately 50,000 employees, a testament to its growth and success.

In addition to the big four banks in South Africa, there are other notable banks operating in the country. Standard Bank has operations in 20 African countries, including South Africa, Botswana, and Namibia.

Ecobank has a presence in 33 countries across Africa, with a significant presence in West and Central Africa. Its headquarters is located in Lomé, Togo.

First National Bank (FNB) is another major bank in South Africa, with a history dating back to 1838. It has a strong presence in the country and offers a wide range of financial services.

In Nigeria, Guaranty Trust Bank (GTB) is one of the leading banks, with a significant presence in West Africa. It has a strong online banking platform, which is accessible to customers across the continent.

National Bank of Egypt is the strongest bank in Africa, according to The Asian Banker's Strongest Banks By Balance Sheet evaluation in 2021. They demonstrated strong balance sheet growth and good asset quality, with a 3.5% average gross non-performing loan ratio in 2020.

Egyptian banks have consistently maintained the strongest asset quality in Africa, with a lower average gross non-performing loan ratio compared to other banks on the list. In 2020, their average gross non-performing loan ratio was 3.5%, while the average for all African banks was 5.9%.

Banque Misr, Egypt's second-largest bank, emerged as the strongest bank in Africa in 2020, according to The Asian Banker's evaluation. They performed well in terms of balance sheet growth, risk profile, profitability, asset quality, and liquidity.

Ghanaian banks have enjoyed the highest average return on assets (ROA) at 3.2% in 2020, but they also face a high level of non-performing loans. The overall profitability of banks in Africa weakened in 2020, with the average ROA falling from 1.7% in 2019 to 1.15% in 2020.

Egyptian banks have maintained the lowest average cost to income ratio in the region, which is a key indicator of a bank's efficiency. In 2020, their average cost to income ratio was lower than that of other African banks.

FirstRand emerged as the strongest bank in Africa in 2019, according to The Asian Banker's evaluation. South African banks achieved higher average strength scores than banks in other countries, with a strong balance sheet growth and adequate capitalisation and liquidity.

Egyptian banks maintained solid liquidity buffers and a low average cost to income ratio, which is a key indicator of a bank's efficiency. Their average cost to income ratio was 34.3% in 2019, lower than that of other African banks.

National Bank of Egypt retained the strongest bank ranking in Africa in 2018, according to The Asian Banker's evaluation. They delivered robust financial performance, especially in the areas of balance sheet growth, asset quality, and liquidity.

Egyptian banks have consistently maintained low average cost to income ratios, with 28% in 2018 being the lowest among banks in Africa. Their overall capitalisation experienced some improvement in 2017, but capital buffers for Egyptian banks are still relatively weak.

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