Five of Africa's top ten most profitable banks in 2024 are South African

Key takeaways:

  • Africa's ten most profitable banking institutions are concentrated in South Africa, Egypt, and Nigeria.
  • South African and Egyptian banks claim the first five positions among Africa's most profitable banks.
  • Nigeria's banking sector shows resilience, with three of its "FUGAZ" banks securing positions in the continental top ten.
  • The average profit after tax among Africa's top ten profitable banks reached $867 million.
  • The four most profitable banks in Africa each exceeded $1 billion in profit after tax.

South Africa's Absa Bank claimed the title of Africa's most profitable financial institution in 2024, generating an impressive $1.20 billion profit after tax. Egypt's banking sector demonstrated remarkable strength, with Banque Misr and Commercial International Bank (CIB) following closely at $1.19 billion and $1.09 billion, respectively.

While no Nigerian institutions made it to the top five, the country maintained a strong presence in the broader rankings, with Zenith Bank ($0.67 billion), GTCO ($0.66 billion), and United Bank for Africa ($0.50 billion) all securing positions among Africa's ten most profitable banks.

Source:

Banks’ financial results

Period:

2024
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