WIKIFX REPORT: Standard Bank Group of South Africa leads the banking pack in Africa

This was revealed in a 2021 annual survey pitting the top 100 banks in Africa conducted by global publication Group, IC Publications, through its leading publication, African Business. IC Publications has over 50 years experience in publishing magazines, newsletters, country supplements, industry reports and market intelligence on Africa.

The survey ranks Africas banks according to their Tier 1 capital which consists of capital + reserves + retained earnings + minority interests. These are published in local currencies and then converted into US$ at the exchange rates at the year-end date in the results (or on 31 December 2020).

Standard Bank Group retained pole position for the second time in a row on the back of massive growth in its tier 1 capital of 24% to $13.8bn in December 2020.

The Group, which wholly owns Stanbic Bank Zimbabwe, shrugged off competition from other leading banks in Africa despite the fact that the South African economy was hit the hardest by COVID 19 due to existing weaknesses and strict nationwide lockdowns.