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.
![](http://www.myjoyonline.com/wp-content/uploads/2022/11/Olumide-Olatunji-Access-Bank-MD.jpg)
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.
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
Spectacular photos from the Paris 2024 opening ceremony
4 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
5 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
5 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
6 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
7 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
7 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
9 hours