Last week, Capitec's market capitalisation reached R424 billion, overtaking FirstRand as Africa’s most valued bank.

Capitec Bank, established in 2001 and listed on the Johannesburg Stock Exchange (JSE) in 2002, dethroned FirstRand as Africa’s most valuable bank by market capitalisation last week. However, as of Monday morning, 1 September, FirstRand quickly reclaimed the number one spot.
Market capitalisation is the total value of a company’s shares on the stock market. This shows how big or valuable the market thinks the company is. It is calculated by multiplying the share price by the total number of outstanding shares.
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Capitec — largest bank by numbers
Capitec, the Stellenbosch-based lender, is the largest bank by customer numbers. Last week, on Tuesday, its market capitalisation reached R424 billion, overtaking FirstRand as Africa’s most valued bank.
However, on Monday morning, its market capitalisation was at R412 billion, putting the bank in the third spot. Capitec is the smallest bank in the country in terms of assets. Its assets are worth R239 billion, with the rest of the country’s top banks having assets worth trillions of rands.
Capitec overtook FirstRand just weeks after Graham Lee became CEO, succeeding the bank’s third CEO, Gerrie Fourie. Fourie was at the helm for more than a decade after taking over from co-founder Riaan Stassen.
FirstRand’s market capitalisation
FirstRand Group is the parent company of banks such as FNB, Rand Merchant Bank, WesBank, and Ashburton Investments. The bank group’s CEO is Mary Vilakazi, making it the only top bank in the country with a woman at the helm.
FirstRand’s market capitalisation sits at R429 billion, making it the most valuable bank on the continent. When it comes to assets, it holds the second spot, with assets worth R2.5 trillion.
A bank’s total assets include everything it owns or controls that has economic value. This can include investments, property, and equipment, among others.
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Largest bank by assets
Standard Bank Group is the country’s largest bank by assets, with a value of R3.4 trillion. However, the bank holds the second position in terms of market capitalisation, with a value of R417 billion.
A rising market cap often signals growing investor confidence and strong demand for shares, while a falling market cap can indicate declining confidence or performance concerns.
Standard Bank Group is led by Sim Tshabalala, who is set to retire in 2027, at the age of 60. The bank’s retirement age for executives was increased from 60 to 63, but this change will only apply to those appointed after Tshabalala’s tenure.
Absa’s market capitalisation
Absa has, for the longest time, been known for its leadership instability. The bank has had at least seven CEOs since 2019, with the latest appointment being Kenny Fihla, the former Deputy CEO of Standard Bank.
By market capitalisation, Absa sits in the fourth position, with a value of R172 billion, while its assets are worth R2.2 trillion.
All eyes are on Fihla to resuscitate Absa, as it recently reported making R11.9 billion in headline earnings for the first half of 2025. While Standard Bank made R24 billion in the same period.
Lowest valued bank
Out of the country’s top banks, Nedbank is the least valuable bank, with a market capitalisation of R109 billion. Its assets are worth R1.5 trillion.
Nedbank is led by Jason Quinn. The bank increased the salary of the lowest full-time permanent employee to R240 000 (R20 000 per month).
Meanwhile, Quinn received remuneration of R106 million, with a salary of R6 million per year.
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