For a global lender, Citi’s investment-banking presence in Africa is hard to compete with. The US firm has an onshore presence in 16 countries and covers 38 markets, with a dedicated team in Johannesburg supported by corporate bankers across the region.

Attijariwafa Bank remains the bank to beat in Morocco. In a year that saw profits grow 20% to Dh13.8 billion ($1.4 billion), it has focused its efforts on promoting private investment in the country.

Banco Angolano de Investimentos (BAI) posted impressive financial results for 2023. Profit before tax stood at AKz220 billion ($250 million), almost double its 2022 result (AKz115 billion), and the bank achieved a return on equity of 36%, up from 26% the year before.

Banco Angolano de Investimentos (BAI) posted impressive financial results for 2023. Profit before tax stood at AKz220 billion ($250 million), almost double its 2022 result (AKz115 billion), and the bank achieved a return on equity of 36%, up from 26% the year before.

The banking environment in Tunisia worsened last year due to the absence of a financing package to meet the government’s funding needs. This led to Moody's downgrading four banks in January 2023 because of the sovereign downgrade. The agency changed its outlook on the sector to stable in January 2024.

Ecobank Guinea rolled out its Xpress Loan service in Guinea last year, which enables customers to obtain short-term micro credit loans using their mobile phones. The service was launched in partnership with Dubai fintech Optasia and pan-African telecommunications giant MTN.

Stanbic Bank Uganda (SBU) turned in a strong performance over the review period. Net profit was USh421 billion ($110 million), up 18% from USh357 billion in 2022. Net loans increased to USh4 trillion, while deposits ended the year at USh6 trillion, both up 3% on 2022.

NMB Bank is Euromoney’s best bank in Tanzania for 2024. Total assets grew by 19%, from $3.95 billion at the end of 2022 to $4.7 billion at the end of 2023. Net profit was also up 26% at $208.6 million. Both increases are the product of loan growth of 28% and a rise in the number of customer accounts – the bank opened 1.2 million new accounts in 2023 alone.

In a year (very) short on equity capital markets activity, it was in the debt and the loan market that Standard Bank shone brightest in 2023.

Zambia National Commercial Bank (Zanaco) is again Euromoney’s best bank in Zambia. Profit before tax increased 44% year on year to KK1.74 billion ($65 million), including a 109% boost in the third quarter driven by income earned on government securities, trading and an uptick in net fees and commission.

Standard Bank successfully implemented innovative digital products across all banking segments in 2023 while also making important philanthropic contributions in Malawi.

Equity Bank continued to grow its total assets in 2023, surpassing the KSh1 trillion ($7.7 billion) mark at the end of the year. The bank maintained a third of its consumer loans to salaried civil servants, teachers and private-sector employees at 13% interest, despite the central bank hiking rates much higher.

First Bank of Nigeria (FirstBank) wins the best bank for corporates award this year for its investment in digital, support of sustainability and the financial performance it has delivered.

A strong financial performance together with a series of new initiatives, including in environmental, social and governance, make Standard Bank Euromoney’s best bank in South Africa this year.

Societe Generale’s global reputation as a driver of green and sustainable principles and investment, plus its long presence across Africa, combine to make the Paris-based lender a clear winner of this award on the continent.

Bank of Kigali is again Euromoney’s best bank in Rwanda this year.

CAC International demonstrated a robust financial performance last year, with assets growing by 8% to $536 million and profit before tax reaching $2.374 million, a 38% increase year on year.

Access Bank made profit before tax of N569 billion ($380 million) in 2023, a big improvement on the previous year's N163 billion. This was in part due to the devaluation of the naira in 2023, but was also driven by the bank’s aggressive expansion strategy, which has seen its footprint in Africa expand and the establishment of its first branch in France.

For the second year in a row, Standard Bank walks away with the award for the best bank in Africa. And for good reason.

Access Bank Gambia impressed this year with its strong financial results, effective support for small and medium-sized enterprises and important philanthropic work.

Banks in Ghana have faced a difficult couple of years thanks to the government of Ghana’s debt default and domestic debt exchange programme announced in November 2022.

The banking sector in DR Congo is undergoing transition. The central bank has proposed new ownership requirements for banks in the country, stipulating that they must have at least four unrelated shareholders. At the same time, large banks outside the country, such as Kenya’s KCB and Equity Bank, are eyeing the market as a potential growth opportunity – hardly surprising when less than a third of the DR Congolese population has a bank account.

Euromoney recently sat down in Dubai with the heads of investment banking for HSBC in the Middle East. The conversation focused on the burgeoning trade and deal flow between the Gulf region and Asia, what investors on both sides are looking for and why they like what they see.

The Palestinian economy was already slowing ahead of the October 7 attacks, but the situation has deteriorated sharply since then. Growth had fallen by 3% year on year across the territories in the first half of the year and by 4.4% in Gaza itself.

For Israel’s banks, 2023 was a story of two distinct parts: the months prior to the Hamas attacks on October 7; and those after.

Arab Bank, under the leadership of chief executive Randa Sadik, had another good year in Jordan despite acute geopolitical risks, surging inflation and unprecedented increases in interest rates.

FAB was the clear winner of Euromoney’s best bank award in the UAE this year following a strong financial performance, improvements in environmental, social and governance and sustainable finance, and advancements in technology.

Commercial International Bank (CIB) has maintained its position as the bank to beat in Egypt during the review period.

Al Rajhi Bank’s Bank of the Future strategy marked its final year in 2023, the end of a series of growth targets set when chief executive Waleed Al-Mogbel took the helm.

Qatar National Bank (QNB)’s scale and banking power in the country seem unassailable across all banking businesses. It dominates activity, reporting more assets ($338 billion), loans ($234 billion), deposits ($235 billion) and net profit at the end of last year than that generated in each segment by all four of the other largest banks combined.