LEGIT
A recent report by African Business magazine reveals that three Nigerian banks—Zenith Bank, Access Bank, and First Bank of Nigeria—have secured positions among Africa’s top 15 banks based on Tier 1 capital. Zenith Bank leads with $2.54 billion, placing 10th; Access Bank follows with $2.26 billion, ranking 12th; and First Bank holds $2.05 billion, at 13th position.
The African Business magazine’s 2024 rankings highlight the financial strength of banks across the continent, utilizing metrics such as Tier 1 capital, assets, and profitability. While South African banks dominate the top positions, Nigerian banks have shown significant presence. Following the top three, United Bank for Africa (UBA) ranks 25th with $1.04 billion, and Guaranty Trust Bank (GTBank) is 37th with $690 million. Other Nigerian banks in the top 100 include Fidelity Bank (56th), FCMB (64th), Union Bank (65th), Wema Bank (87th), and Stanbic IBTC Bank (90th).
Despite challenges such as currency devaluation, Nigerian banks have demonstrated resilience. Guaranty Trust Bank achieved a Return on Equity (ROE) of 57%, leading among Nigerian banks, while Zenith Bank and Access Bank reported ROEs of 41% and 38%, respectively.
The report underscores the growing influence of Nigerian banks in the African financial sector, reflecting their strategic positioning and operational strengths.
