South Africa’s Standard Bank Group has been ranked among the top three largest banks in the Middle East and Africa.
This is according to the latest global bank rankings from S&P Global Market Intelligence, a leading information company that collects, interprets and analyzes data that arms professionals with actionable intelligence on the global markets, companies and industries across the world.
Qatar National Bank (QPSC) was ranked the largest bank by assets in Africa and the Middle East for the third consecutive year.
The Qatari lender reported $229.01 billion in assets at the end of March 2018, $46.89 billion more than UAE-based First Abu Dhabi Bank, which placed second.
Most banks were ranked by total assets as of December 31, 2017.
Standard Bank Group is the holding company for Standard Bank of South Africa Limited, one of South Africa’s largest financial services groups, operating in 20 countries across Africa and other key markets around the world. It is Africa’s biggest lender by assets.
The Group’s ranking comes less than two months after its subsidiary, Stanbic Bank Kenya, raised a $100 million dual-tranche syndicated loan coordinated by Mashreq Bank, the United Arab Emirates bank said on May 16th, 2018.
The loan, with maturities of two and three years, is Stanbic Kenya’s fourth international syndication. It was two and a half times oversubscribed.
According to Stanbic Kenya CEO, Charles Mudiwa, the proceeds will be used for new lending and general corporate purposes, including trade related finance for the bank.
“As bank profitability improves in terms of return on average equity, we expect banks to move away from cost-cutting and towards sustainable growth,” said JP O’Sullivan, Managing Director of Financial Institutions at S&P Global Market Intelligence as he commented on the report.
“In this low rate environment, growing the balance sheet can be an effective way to generate earnings. Moreover, as interest rates rise, we can expect a boost to bottom line earnings and this bodes well for future growth prospects within the banking sector,” he added.