«First Advice»: National Bank of Egypt Chases Standard Bank… The Battle for African Leadership Reveals the Other Side of Exchange Rates!

In one of the hottest banking races across the African continent, the National Bank of Egypt (NBE) continues to pursue Standard Bank Group for leadership of Africa’s banking sector, amid rapid transformations reshaping the map of banking power.

Over the past three years — specifically from the end of 2022 until the end of 2025 — Standard Bank Group succeeded in capturing the top position in Africa after its total assets rose to $218.55 billion by the end of 2025, compared to $169.89 billion at the end of 2022, achieving a compound annual growth rate (CAGR) of 8.6%.

Meanwhile, the National Bank of Egypt ranked second in Africa, despite increasing its total assets to approximately $191.03 billion by the end of 2025, compared to around $176.55 billion at the end of 2022, recording a CAGR of 2.7%. This reflects an apparent gap in dollar-denominated growth compared to its South African rival.

However, reading these figures solely in U.S. dollar terms does not present the full picture of actual performance.

Analyzing the asset size in local currencies for both banks reveals a different reality, highlighting the National Bank of Egypt’s clear superiority in terms of operational growth momentum.

NBE’s assets in local currency increased to EGP 9.1 trillion by the end of 2025, compared to EGP 4.37 trillion at the end of 2022, reflecting a strong CAGR of 27.7%. This demonstrates substantial and genuine expansion in banking activity within the Egyptian market.

In contrast, Standard Bank Group recorded lower growth in its local currency, as its assets rose to ZAR 3.62 trillion by the end of 2025, compared to ZAR 2.88 trillion at the end of 2022, achieving a CAGR of 7.9%.

Here lies the key paradox: while dollar-based measurement gives Standard Bank Group the advantage in leading the continent, measurement in local currencies reveals the National Bank of Egypt’s clear superiority in terms of real operational growth strength and expansion within its domestic market.

This divergence is largely linked to exchange rate fluctuations during the analyzed period. The Egyptian pound lost a significant portion of its value after the U.S. dollar surged by 92.7% from the end of 2022 until the end of 2025, placing heavy pressure on the dollar valuation of NBE’s assets despite its strong domestic growth.

On the other hand, the South African rand appreciated by around 2.4% against the U.S. dollar during the same period, supporting the dollar valuation of Standard Bank Group’s assets and giving it a clear advantage in rankings denominated in U.S. currency.

Accordingly, the competition between the two banks appears to go beyond a simple numerical comparison of dollar-denominated assets. At its core, it reflects structural differences in the economic and monetary environments of the two largest banking sectors on the African continent.

It also confirms that assessing the true strength of banks should not rely solely on dollar-based valuations, but should extend to analyzing real growth in local currencies and measuring each bank’s ability to sustain expansion and maintain operational momentum despite sharp disparities in economic conditions and foreign exchange markets.

In light of the above, if exchange rates in Egypt stabilize while the National Bank of Egypt maintains its strong growth momentum, these developments could strengthen its chances of reaching the top of Africa’s banking sector by the end of 2026.