- Nigerian banks are not among the top 10 biggest banks on the African continent by asset base, a new report has revealed
- While there are 763 commercial banks in Africa, Nigeria banks which regularly posts huge profits every year are a no where on the list
- South Africa and Egyptian banks are leading as the biggest banks on the continent by asset base followed by Moroccan banks
Despite their huge profit and their pan-African expansion and outlook, Nigeria banks are not among the top 10 biggest banks on the continent.
Checks by Legit.ng reveal that the biggest banks by asset in Africa are mostly domiciled in South Africa which dominates banking on the African continent.
There are about 763 commercial banks on the African continent, according to Business Insider.
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South African and Tanzanian banks hold the ace in terms of size, reach and assets and are also said to have the highest concentration of banks in Africa.
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South African banks hold ace
South Africa is home to about 51 banks while Tanzania houses 50 commercial banks. Kenya comes third with about 42 commercial banks. This is followed by Egypt with 40 banks, Ghana with 34, while Uganda has 24 and Nigeria has 22 banks respectively.
There are about 1,900 commercial banks in Asia, and 6,000 in Europe while the US is home to 4,000 commercial banks. Banks in Africa have lower valuations in comparison to banks in other continents.
Some banks in Africa have as much as $100 billion in valuation, according to the German-based data company, Statista.
Biggest banks in Africa revealed
- Standard Bank (Stanbank) Group: At $172.9 billion, this South African bank has the largest asset size in Africa.
- National Bank of Egypt: This Egyptian bank's total asset size is valued at $124.9 billion.
- Absa Bank: This is another South African bank and it has a total asset size of $87.8 billion.
- FirstRand: The third South African bank on the top 10 list has a total asset size of $81.9 billion.
- Nedbank Group: This South African bank has a total asset size of $78.6 billion.
- Attijariwafa Bank: This Moroccan bank has a total asset size of $63.8 billion.
Nigerian largest commercial banks by earnings as Eco, Access others earnings rise by 25% in Q1 to N1.54trn
Legit.ng reported that the top 13 commercial banks in Nigeria by earnings have been announced, with 13 reporting N1.54 trillion gross earnings in Q1 2022, a 25% increase over the N1.23 trillion recorded in Q1 2021. W
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hile Profit Before Tax of the 13 banks reached N370.25 billion in Q1 2022, representing an increase of 19 per cent over N312.5billion earned in Q1 2021.
Details of their earnings were obtained from their audited financial result submitted to the Nigerian exchange.