Foremost African financial institution, Guaranty Trust Bank plc, GTBank, has been ranked among The Banker Magazine’s Top 25 Banks in Africa that was released last night, in the magazine’s 2017 1000 Global Banks’ ranking.
Other banks on the lists are Zenith Bank Plc, FirstBank Nigeria, Access Bank, United Bank for Africa Plc and Diamond Bank Plc.
According to the ranking, GTBank was ranked the third in Nigeria, 13th in Africa and 588th in the world.
According to The Banker, Africa’s leading economies faced adverse conditions over the 2016 review period, as low commodity prices continue to shake the continent’s growth trajectory.
They pointed out that dealing with a shortage of foreign exchange, heightened political risk and volatile currencies, the performances of some regional lenders have suffered.
“Yet, as the rankings demonstrate, this is not a one-dimensional story. In some cases, African lenders have improved on their positions in the Top 1000 ranking, helped in part by prudent growth strategies and diversified business models,” the report added.