NBE vs Standard Bank: Will June 2026 results redraw Africa’s banking landscape?

The competition for Africa’s top banking position is back in focus between South Africa’s Standard Bank Group and the National Bank of Egypt (NBE), after the lead shifted between the two over recent years. 

After NBE held the top position through the end of 2022, Standard Bank Group subsequently moved into first place, in a shift driven not only by changes in asset size but also by the sharp movements in the Egyptian pound and South African rand against the US dollar. 

The comparison between the two banks is particularly significant given the different reporting dates of their latest available data.  

NBE’s most recently published figures showed total assets equivalent to USD 186.67 billion at end-September 2025, while Standard Bank Group’s assets stood at about USD 232.27 billion at end-June 2026. 

Although NBE republished several financial indicators for the period ended June in August 2026, including deposits, retail financing and retail deposits, the figures did not include total assets. 

This leaves the latest comparison incomplete, as NBE’s most recent available asset figure dates to September 2025, while Standard Bank Group’s is for June 2026. 

The apparent gap between the two banks therefore cannot be regarded as a definitive indication of their current positions, as nine months separate NBE’s latest disclosed asset figure from the data available for Standard Bank Group. 

The disclosure of NBE’s total assets at end-June 2026 therefore becomes the key missing piece needed to complete the comparison and determine the actual gap between Africa’s two largest banks. 

Exchange rates are a key factor in explaining the shift in the two banks’ positions over recent years, particularly when their assets are compared in US dollar terms.  

NBE continued to expand its assets in local-currency terms, but the sharp depreciation of the Egyptian pound reduced the dollar value of that growth, limiting the extent to which its domestic expansion was reflected in its ranking when comparisons were made in US dollars. 

The movements of the two currencies illustrate the scale of this impact. The US dollar rose about 98.5 per cent against the Egyptian pound between end-2022 and end-June 2026, meaning that assets denominated in Egyptian pounds would need to grow substantially to offset the impact of the currency’s depreciation when converted into US dollars. 

By contrast, the South African rand appreciated by about 3.4 per cent against the US dollar over the same period, allowing the dollar value of Standard Bank Group’s assets to move in a more supportive currency environment than that of NBE and strengthening the group’s position in US dollar-based rankings and comparisons. 

Africa’s banking leadership landscape therefore reflects not only the scale of each bank’s domestic growth, but also the impact of exchange-rate movements when their assets are converted into US dollars. 

This helps explain the shift in the top position from NBE to Standard Bank Group, despite NBE’s continued strong expansion in the Egyptian market. 

With NBE’s full June 2026 financial data expected soon, banking and financial circles are awaiting a clearer picture of Africa’s banking leadership based on the latest available figures for both banks.  

The data will show the current gap and whether Standard Bank Group retains the top position, or NBE’s recent asset growth narrows the gap between Africa’s two largest banks.