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Leading Kenyan lender, Equity Bank, has been recognized as the top bank in East Africa, according to the 2023 top 100 African banks ranking by The Banker Magazine.
The bank holds Tier 1 capital of $1.5 billion, assets of $11.7 billion, and profits of $364 million. The competitive Kenyan market contributed 10 banks to the regional top 20 ranking.
The Banker Magazine’s Top 100 African Banks ranking is based on each bank’s Tier 1 capital, which consists of capital, reserves, retained earnings, and minority interests.
These figures are published in local currencies and then converted into US dollars at the exchange rates at the year-end date in the results (or on 31 December 2022), so changing FX rates can affect the ranking.
Other notable banks from East Africa include KCB Group, which comes in second place with its in-country Kenya Commercial Bank holding $718 million in capital.
Ethiopia has four banks in the regional top 20, led by the state-owned Commercial Bank of Ethiopia with Tier 1 capital of $929 million and profits of $304 million.
Awash International Bank and Dashen Bank also feature in the list, ranked #14 and #15 respectively.
Uganda has three banks in the regional ranking, with Standard Chartered Bank Uganda at #19, Stanbic Bank Uganda at #11, and Centenary Rural Development Bank at #16. Tanzania has two banks in the regional ranking, while Rwanda has one.
The East African banking sector continues to show strength and growth, with the Tier 1 capital of the bank ranked #20 soaring to $210 million, up from $159 million in 2022.
The Banker Magazine’s Top 100 African Banks ranking highlights the performance and resilience of the continent’s banking industry, showcasing the leading financial institutions across Africa.
