What is Bank?
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.
List Of Richest Bank In South Africa
1. Standard Bank Group
The South African bank ranks the biggest in South Africa and even in Africa as a whole. It has a tier 1 capital of $9.8 billion. The bank stands out on many grounds. It is the top-earning institution, bringing in a total income of about R100 million.
2. FirstRand
FirstRand is the second biggest bank in South Africa. It has a Tier 1 capital of $8.2 billion. Considering just headline earnings as a criterion for judgment, FirstRand will most likely come first among banks in South Africa with an earning of R27.89 billion for the 2019 financial year. But it emerged second on the basis of the combination of yardsticks.
3. ABSA Group
Absa is the third biggest bank in both South Africa and the African continent, although this last financial year was not too much of a good year in that it faced a double-digit fall in its Tier 1 capital position. It fell from 170th position to 184th position in the global ranking and now has a Tier 1 capital of $6.8 billion.
4. Nedbank Group
As one of the financial institutions in South Africa, the bank started its operations in 1888 under the name Nederlandsche Bank en Credietvereeniging voor Zuid-Afrika (“Dutch Bank and Credit Union for South Africa”). Its first office in South Africa was in Church Street, Pretoria.
5. Capitec
Capitec runs on a market capitalization of R114.8 billion. With this, it ranks fifth biggest in the South African banking industry. Although on the basis of its market capitalization, it qualifies to be in third place. Meanwhile, only two years ago, the bank was in the fifth position on the basis of its market capitalization. Also, in terms of share price, Capitec remains one of the biggest with its 2018 R1,000 per share price.
Which is the most expensive bank in South Africa?
After an increase of 8% in bank charges in 2011, Absa remains the most expensive commercial bank in SA, with Capitec the cheapest, says Solidarity.
Which bank has the most clients in South Africa?
As of December 2021, Standard Bank of South Africa, the largest financial institution in Africa in terms of assets, had 10 million clients in the country. Furthermore, Capitec Bank had the largest number of customers in South Africa, reaching 19 million as of August 2022.
Which bank is the oldest in South Africa?
FNB is the oldest bank in South Africa and can be traced back to the Eastern Province Bank formed in Grahamstown in 1838. Today, FNB trades as a division of FirstRand Bank Limited.