Africa's Most Profitable Banks in 2024: South African Lenders Lead the Pack
In a continent where financial ecosystems are rapidly evolving, continue to signal where the power lies. The 2024 rankings reveal that five of the top ten institutions by profit after tax are based in South Africa—demonstrating both scale and resilience in a challenging macroeconomic environment.
Absa Bank tops the list with a staggering in net profit, narrowly edging out Egypt’s Banque Misr at . Following closely is Commercial International Bank (CIB), also from Egypt, with profits of , underlining North Africa’s growing banking strength. However, with all featured, South Africa clearly dominates the chart of .
| Bank | Country | Profit After Tax (USD Billion) |
|---|---|---|
| Absa Bank | South Africa | $1.20 |
| Banque Misr | Egypt | $1.19 |
| Commercial International Bank (CIB) | Egypt | $1.09 |
| Standard Bank Group | South Africa | $1.07 |
| NedBank | South Africa | $0.88 |
| First Rand Ltd | South Africa | $0.83 |
| Zenith Bank Plc | Nigeria | $0.67 |
| GTCO Plc | Nigeria | $0.66 |
| Capitec Bank | South Africa | $0.58 |
| United Bank for Africa (UBA) Plc | Nigeria | $0.50 |
A Continent in Fiscal Motion
These figures speak to a wider trend of robust profitability within Africa’s financial services sector, particularly among legacy institutions with diversified income streams. The performance of Standard Bank Group ($1.07 billion) underscores the value of broad regional footprints, while NedBank and First Rand continue to post consistent returns amid regulatory tightening and capital constraints.
Outside South Africa and Egypt, Nigeria also holds its ground. ($0.67 billion), ($0.66 billion), and ($0.50 billion) round out the list, reflecting West Africa’s competitive market landscape. Though trailing behind, their inclusion shows strong fundamentals and growing cross-border influence.
With geopolitical risks, currency depreciation, and inflationary pressures affecting many African economies, the ability of these banks to remain profitable demonstrates sound governance and strategic foresight. It also reinforces investor confidence in Africa’s banking sector as a growth frontier.
Fabio Scala is a senior investment banker who served as an advisor to the Minister of Economy and Finance of Mozambique where among other responsibilities, he contributed for the creation of economic policies and reforms. Prior to this role, he was the managing director of a British family office, where he oversaw an equity portfolio focused on Southern Africa. Scala serves on the board of Uhusiano Capital, a London-based boutique firm specialising in impact investment, and as a board advisor at Digilogic, a pan-EU-Africa network of Digital Innovation Hubs (DIHs) concentrating on smart logistics. Prior to his African experience, Fabio worked in the US, Italy, Japan, Portugal, and Brazil where he started his career at Caixa Economica Federal - the country’s largest state owned bank. In recognition of his contributions to preserving and promoting Italy's relationship with Mozambique, Fabio Scala was awarded the title of Knight of the Italian Republic of the Order of the Star of Italy by His Excellency the Italian President, Sergio Mattarella in 2024.
