African Business ranks 2024’s largest banks

African Business Magazine has ranked the continent’s largest banks for 2024, with Standard Bank leading as the largest bank in Africa. The bank reported a net profit of $2.7 billion, an 18% increase from the previous year. Other top banks include First Bank of Nigeria, Equity Bank from Kenya, and the National Bank of Egypt. Meanwhile, FirstRand’s net profits decreased to $1.4 billion, down 13%.

According to the ranking, Mauritius is home to several strong domestic banks and serves as a key hub for both South African and international banks expanding into Africa. It has five banks in the regional ranking, led by Mauritius Commercial Bank, which ranks 7th regionally and 24th in Africa’s Top Banks list. Other notable banks include SBM Bank (Mauritius), Investec Bank (Mauritius), Standard Chartered Bank (Mauritius), and HSBC Bank (Mauritius).

Angola has four banks in the top 100. Banco de Fomento Angola ranks 39th, with Tier 1 capital reaching $681 million in December 2022, up from $482 million the previous year. Banco Angolano de Investimentos is ranked 50th, and Banco BIC is 53rd.