Standard Bank once again proved why it is Africa’s most formidable banking institution, combining strong financial performance, strategic clarity and regional leadership across commercial, investment and digital banking to win the continent’s best bank award for the third consecutive year.
Despite global macroeconomic headwinds and volatility in several key markets, the South African lender achieved a 4% increase in headline earnings and a return on equity of 18.5%, supported by resilient execution across its diversified platform of over 20 African countries.
“We have three main themes of our strategy: transform client experience, execute with excellence and drive sustainable growth and value,” says Standard Bank CEO Sim Tshabalala. “Our 2024 performance was the result of diligent execution against each of these strategic objectives.”
The numbers support that claim. Standard Bank grew its active client base to 20 million – a 4% year-on-year increase – and improved its cost-to-income ratio to just over 50%, reflecting continued efficiency gains. Its Africa regions franchise grew earnings by 22% in local currency and contributed 41% of group headline earnings. The insurance and asset management unit alone delivered earnings of R3.3 billion ($186 million), reflecting strong performance across non-banking verticals. Meanwhile, the South Africa business delivered double-digit earnings growth on the back of improved credit quality and client activity.
Standard Bank’s role as a catalyst for African development remains central to its mission. “Our purpose is ‘Africa is our home, we drive her growth’ – which means that we drive inclusive growth and sustainable development,” Tshabalala says. In 2024, the bank deployed R74.3 billion in sustainable finance and has committed to mobilise a cumulative total of R450 billion between 2022 and 2028.
Notable transactions included its continued funding of renewable energy projects that now account for over 10GWh in generation capacity and R80 billion in financial commitments in its home market, establishing it as South Africa’s leading funder of renewables with a 31% market share. Major infrastructure transactions extended beyond South Africa, with projects such as a hydropower facility in Eswatini and a desalination plant in Ghana providing clean water access to 500,000 people.
Across all business segments … Standard Bank deepened its product capabilities and expanded its reach
Its environmental, social and governance strategy is underpinned by a two-pillar model: maximising positive impact and effectively managing risk. The bank has aligned its sustainability commitments with the UN Sustainable Development Goals, Paris Climate Agreement and the Principles for Responsible Banking. “We want to create sustainable growth and value for our shareholders, society and the planet, while carefully balancing social, economic and environmental considerations,” Tshabalala says.
Digital capability was central to client engagement and operational resilience. Material incidents of IT systems instability dropped by 95% over the past five years, while continued investment in client experience yielded top ratings in South Africa’s consumer banking space, including first place for customer experience in the University of Pretoria’s Customer Experience Index. Active use of the Standard Bank Super App drove continued digital migration, with the app’s user base growing 12% year-on-year to reach 3.5 million users by the end of 2024. At the same time, internet banking clients increased 9% year-on-year to reach 2.5 million. Beyond South Africa, the digital client base expanded significantly – with Nigeria, Malawi and Ghana among the major growth engines.
Across all business segments – personal and private banking, business and commercial banking, corporate and investment banking, and insurance and asset management – Standard Bank deepened its product capabilities and expanded its reach. It has also set out clear medium-term strategic growth priorities, including building Africa’s leading private bank, expanding its infrastructure and energy finance capabilities, and capturing a greater share of intra-African trade and investment flows.
“We are very well positioned to win in our markets to generate attractive returns for our investors,” Tshabalala says. “Our core businesses remain strongly equipped to support Africa’s short-, medium- and longer-term growth.”
With a unified strategy, digital agility, continental reach and purpose-driven culture, Standard Bank remains one of the most trusted financial partners for governments, corporates and individuals across Africa. Its performance in 2024 affirms its status as Africa’s best bank.
