Best bank: Access Bank
Access Bank made profit before tax of N569 billion ($380 million) in 2023, a big improvement on the previous year’s N163 billion. This was in part due to the devaluation of the naira in 2023, but was also driven by the bank’s aggressive expansion strategy, which has seen its footprint in Africa expand and the establishment of its first branch in France.
Key to the bank’s expansion in the review period was its acquisition of five Standard Chartered subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone in July 2023.
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