10 Nigerian Banks Make List of Top 100 Banks in Africa, 3 Rank High
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A new report by African Business magazine has revealed the list of the top 100 Banks operating in Africa in 2024.
The report used various indicators, with capital as a key metric, to determine the relative strengths of African banks.
Source: UGC
The ranking is based on Tier 1 capital, a key measure of a bank's financial strength, including equity capital and disclosed reserves.
Ten Nigerian banks were included in the top 100 ranking, with three placed among the top 15 based on Tier 1 capital.
The banks are Zenith Bank, Access Bank, and First Bank of Nigeria, securing the 10th, 12th, and 13th positions, respectively.
Other Nigerian lenders on the list include United Bank for Africa (25th), Guaranty Trust Bank (37th), Fidelity Bank (56th), FCMB (64th), Union Bank (65th), Wema Bank (87th), and Stanbic IBTC Bank (90th).
Here is a snapshot of Nigerian banks' ranking and capital
| Bank | capital | Africa Ranking |
| Zenith Bank | $2.54bn | 10th |
| Access Bank | $2.26bn | 12th |
| First Bank of Nigeria | $2.05bn | 13th |
| United Bank for Africa (UBA) | $1.04bn | 25th |
| Guaranty Trust Bank (GTBank) | $0.69bn | 37th |
| Fidelity Bank | $0.32bn | 56th |
| FCMB | $0.23bn | 64th |
| Union Bank of Nigeria | $0.22bn | 65th |
| Wema Bank | $0.14bn | 87th |
| Stanbic IBTC Bank | $0.13bn | 90th |
The report highlighted that Nigerian banks have the best Return on Equity (ROE), a key measure for investors, despite currency devaluations and inflationary pressures in Nigeria.
The top-ranked bank by this measure in Guaranty Trust Bank achieved a very strong 57% ROE on Tier 1 capital of $1.1 billion, the report stated.
Other banks in this category are United Bank of Africa (UBA) achieved ROE of 42%, slightly ahead of compatriots Zenith Bank (41%), Stanbic IBTC in Nigeria (38%), and Access Bank (38%).
Source: Facebook
South African banks continued to dominate the top tiers, led by Standard Bank, FirstRand, and Absa, Vanguard reports.
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Legit.ng previously reported that seven major Nigerian banks made a total profit of N4.2 trillion in the 2024 financial year.
Despite tough economic conditions, banks like Zenith Bank PLC, United Bank for Africa (UBA), Guaranty Trust Holding Company Plc (GTCO), First Bank, Fidelity Bank, Stanbic IBTC, and Wema Bank managed to earn this large amount.
The banks' financial breakdown has been provided.
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Source: Legit.ng
