Rabat - Moroccan banks Attijariwafa Bank, Groupe Banques Populaire, and Bank of Africa have secured spots among the 10 leading African banks for the year 2023, according to financial affairs publication The Banker.

The African banking landscape witnessed a mixed performance in 2022, characterized by rising interest rates, a strong US dollar, and global economic challenges stemming from the Ukraine conflict, indicated the report. However, Morocco’s banking industry showcased a noteworthy steadiness.

Attijariwafa Bank displayed remarkable resilience in the 2023 ranking, moving up from seventh to sixth place. Despite a 5.8% decline in Tier 1 capital and assets, largely attributed to a 12% devaluation of the Moroccan Dirham, the bank maintained a strong financial foundation.

Groupe Banques Populaire and Bank of Africa also navigated the currency devaluation, following closely behind in the seventh and eighth spots respectively.

Several other Moroccan banks made it to the ranking, which encompassed the top 100 banks across Africa.

Societe Generale Morocco ranked 22nd, followed by Credit Agricole du Maroc in 25th place, CIH Bank (33rd), BMCI Bank (36th), and Credit du Maroc (43rd). 

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South African banks led the continental ranking, with Standard Bank Group, FirstRand, ABSA Group, and Nedbank Group securing the top four spots respectively. Egypt’s Afreximbank followed closely behind in fifth position.

Despite the slowdown in economic growth, the majority of the top 100 banks in Africa demonstrated resilience, with 70 reporting an increase in pre-tax profits for the year, the report said.

For instance, Afreximbank stood out with an exceptional 26.9% rise in its Tier 1 capital base.

However, the devaluation of major currencies significantly impacted asset and capital bases, affecting almost half of the banks in the 2023 ranking.