South African banker Mary Vilakazi leads FirstRand back as Africa’s most valuable lender with $32.4 billion market cap

Mary Vilakazi has steered FirstRand back to the top of Africa’s banking rankings after the Johannesburg-based financial services group regained its position as the continent’s most valuable lender with a market capitalization of $32.4 billion at the time of publication. The return marks a swift turnaround after FirstRand started the year as Africa’s biggest bank by market cap before ceding the position to Capitec Bank in March and later to Standard Bank in May.

FirstRand reclaims top spot at $32.4 billion

FirstRand reclaimed the top spot after its shares rose 70 basis points in early trading on Monday, July 27, lifting its market value to R542 billion ($32.4 billion). The gain was enough to move ahead of Capitec Bank, whose shares fell 37 basis points at the open, reducing its market capitalization to R535.1 billion ($32 billion). Standard Bank, meanwhile, advanced 115 basis points, pushing its market cap to R532.7 billion ($31.9 billion), but remained just behind its rival.

The latest move reflects a steady recovery in FirstRand’s share price this year. The stock has gained 643 basis points since the beginning of 2026, highlighting renewed investor confidence in the banking group and a broader improvement in sentiment toward South African financial stocks. The advance also comes as Vilakazi continues to settle into the top job after succeeding Alan Pullinger in 2024, taking charge of one of Africa’s largest banking groups, with businesses spanning FNB, RMB, WesBank, Aldermore, and Ashburton Investments.

FirstRand’s robust banking model absorbs UK hit

Since taking over, Vilakazi has focused on strengthening the group’s core businesses while managing the regulatory and legal issues facing some of its international operations. FirstRand continues to generate resilient earnings from its operations in South Africa, the rest of Africa, and the United Kingdom, although a major U.K. legal issue is expected to weigh on its annual results. The lender has warned that the U.K. Motor Finance Commission redress scheme will result in a total provision of £750 million ($1.02 billion), including an additional pre-tax accounting charge of £510 million recognized during the financial year ended June 30, 2026.

That provision is expected to reduce reported earnings, with normalized earnings forecast to decline between 4 percent and 9 percent. Return on equity is also expected to come in slightly below the lower end of the group’s target range. Even so, FirstRand said its underlying businesses continue to perform well, supported by its diversified banking model, strong retail and commercial franchises, and operations across multiple markets, positioning the group to absorb the near-term impact while maintaining a solid operating performance.