Standard Bank of South Africa, the parent company of Stanbic Bank Ghana, has been crowned the 2024 Best Bank in Africa by renowned Global Finance.

It led the pack on the African continent with a 27% increase in headline earnings at $2.3 billion in 2023 from $1.7 billion the previous year.

Return on Equity also rose to 18.8% in 2023 from 16.3% in 2022.

Access Bank Ghana, a subsidiary of Access Bank Group of Nigeria, was however adjudged the 2024 Best Bank in Ghana.

Global Finance said Access Bank's impact in Ghana is already being felt, with net profit surging by 47.1% in the third quarter to $34.4 million, from $23.3 million in the same period of 2022.

This is coming after the Ghanaian economy went through a turbulent period but now showing signs of recovery.

Guaranty Trust (GT) Bank Gambia, a subsidiary of GT Bank Group of Nigeria, was also the winner in Gambia.

Global Finance described the bank as not only using its extensive branch network to build partnerships with public bodies to collect revenue but also deploying digital channels to increase retail-market penetration.

United Bank for Africa (UBA), also part of the UBA Group of Nigeria was declared the winner in Burkina Faso and Sierra Leone.

In February, the bank was a key backer and the official sponsor of the ECOWAS Mining and Petroleum Forum.

Nigeria, South African banks dominate Africa

Overall, Nigerian and South African banks dominated the African scene.

Global Finance said banks in Africa have recently been operating in challenging environments, owing to economic turmoil.

“The stress factor has been particularly elevated in big economies. Amid the harsh environment, African banks’ top leadership and management have demonstrated shrewdness and prowess. Instead of crumbling, banks remain resilient. Some are even posting record-breaking profits”, it stated.