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Thursday, July 6, 2017

6 Nigerian Banks among Top-25 Banks in Africa

6 Nigerian banks have ranked among The Banker Magazine’s Top 25 Banks in Africa that have been released in the magazine’s 2017 1000 Global Banks’ ranking. The banks are Zenith Bank Plc, First Bank Nig. Plc, Guaranty Trust Bank Plc, Access Bank Plc, UBA Plc and Diamond Bank Plc  
A break down of the ranking further reveals thus:

- Zenith Bank was placed 1st in Nigeria and 10th in Africa. The bank was also ranked as the 430th bank in the world. 
- First Bank as the 2nd largest bank in Nigeria, 12th in Africa and 567th in the world. 
- GTBank was ranked the 3rd in Nigeria, 13th in Africa and 588th in the world.  
- Access Bank was ranked 4th, 14th in Africa and 628th in the world.
- UBA was placed 5th in Nigeria, 22nd in Africa and 832 in the global ranking. 
- Diamond Bank was ranked 6th in Nigeria, 24th in Africa and 881 in the world.

According to The Banker, Africa’s leading economies faced adverse conditions over the 2016 review period, as low commodity prices continue to shake the continent’s growth trajectory. They pointed out that dealing with a shortage of foreign exchange, heightened political risk and volatile currencies, the performances of some regional lenders have suffered.

Rounding out the top 3 positions were fellow South African lenders FirstRand and Nedbank, second and third, respectively, according to the report.

“Outside the top three banks, which have remained static in the regional table, some notable movements have occurred. Of particular note is National Bank of Egypt’s climb to 5th place with $3.2bn in Tier 1 capital. “This puts the bank at number 301 in the global ranking, up from 366 in the last year’s rankings. Nigeria’s Zenith Bank has fallen from 7th place last year to 10th in the 2017 Africa table. This follows a 25% fall in the bank’s Tier 1 capital, largely attributable to the poor performance of the naira over the review period".

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