May 2026
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Largest Commercial Banking Public Companies in South Africa
Benchmark revenue and EBITDA valuation multiples for public comps like
Capitec Bank, Firstrand, Standard Bank Group, Absa Group and Nedbank Group.
 | Capitec Bank Holdings Ltd is a retail bank with more than 850 branches in South Africa. Its services focus on three customer needs: saving, which provides customers the ability to receive and store funds; credit, which satisfies customer needs to access and borrow funds; and transacting, which allows for payments and movement of funds. It operates in three segments: Retail bank, Business bank, and the Insurance business. Net interest income accounts for more than two-thirds of total company revenue. The company's operating segments are: Personal banking, Business banking, the Insurance business and AvaFin. | $270 | +27% | $31B | $30B | 9.3x | - | ||
| Firstrand Ltd wholly owns FirstRand Bank, a full-service bank providing a comprehensive range of retail, commercial, corporate and investment banking services in South Africa and offers niche products. The bank has three divisions, which are separately branded: First National Bank (FNB), WesBank and Rand Merchant Bank (RMB). The firm's reportable segment includes Retail and commercial segment, Corporate and institutional segment, Centre (including group treasury), Firstrand Bank Normalised, and Normalised adjustments. | $6 | +23% | $31B | $24B | 2.6x | - | ||
| Standard Bank Group Ltd provides banking and other financial services. Its operating model is client-led and structured around its business units, which are Personal & Private Banking (PPB), Business and Commercial Banking (BCB), Corporate and Investment Banking (CIB), and Insurance & Asset Management (IAM). It offers credit cards, mortgages, vehicle loans, insurance, and other lending and transactional products. Geographically, the company derives maximum revenue from South Africa, followed by other African and international regions. | $19 | +38% | $30B | $29B | 2.4x | - | ||
| Absa Group Ltd is a financial services company that has five main business segments: Product Solutions Cluster, Everyday Banking, Relationship Banking, Absa Regional Operations RBB (ARO RBB), and Corporate and Investment Bank. The majority is from the Corporate and Investment Bank (CIB) segment which includes prioritized new-to-bank clients across key growth and priority sectors. CIB continued to up-sell and cross-sell new products and services to existing clients. Geographically, the majority is from South Africa. | $14 | +34% | $12B | $22B | 3.1x | - | ||
| Nedbank Group Ltd is a financial services provider that offers corporate, retail, and investment banking services; insurance; asset management; and wealth management. It operates predominantly in South Africa. Net interest income from lending activities accounts for roughly half of the company's total revenue. Its operating segments include Nedbank Corporate and Investment Banking, Nedbank Retail and Business Banking, Nedbank Wealth, Nedbank Africa Regions, and Centre. | $16 | +7% | $7B | $9B | 2.1x | - | ||
| Median | $16 | +27% | $30B | $24B | 2.6x | - |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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