The biggest African banks have enjoyed their strongest year on record, with sharp increases in capital and assets across the continent (scroll down for the full list). After several years in which inflation, currency depreciation and relatively weak economic growth have constrained performance in dollar terms, the combined Tier 1 capital of the banks in our Top 100 has jumped 23% to $155bn.
That comfortably exceeds both the $126.1bn recorded in our 2025 ranking and the previous record of $135.3bn set in 2022. Total assets have also increased strongly, from $1.56 trillion last year to $1.8 trillion this time around, a rise of 16%. The improvement marks a decisive change from the relatively subdued picture of recent years, while this year's Tier 1 capital total is almost exactly 50% higher than the $101.6bn recorded in 2019.
More favourable exchange rates provide part of the explanation. Our rankings are based on Tier 1 capital converted into US dollars, so currency fluctuations can have a substantial impact on the rankings of individual banks and entire national banking sectors. A number of African currencies strengthened in 2025 as inflation fell and external financial conditions improved.
Yet the scale and breadth of the increase suggest that exchange rates are not the only explanation, with stronger economic growth and bank profitability also contributing.
Originally published by African Business.