Capitec Bank surpasses FirstRand (FNB) as Africa’s most valuable bank

Capitec Bank Holdings has officially overtaken FirstRand, owners of FNB, to become Africa’s most valuable bank, a month after appointing new CEO Graham Lee.

Established in 1997, it has grown to become South Africa’s largest bank by customer numbers (24 million), reporting record profits for four consecutive years.

Its bold move into business banking and the acquisition of Mercantile Bank have boosted its growth.

Capitec Bank shares have jumped 16% since the start of 2025, surpassing peers on the FTSE/JSE Africa Bank Index, which climbed 3.6% over the period. 

FirstRand is down 1.3%.

The value of Capitec Bank shares has increased by 151,261% since listing in February 2002.

Its total assets continue to lag behind its competitors for now.