Nigerian banks have missed out in the list of top ten banks in Africa, a new report revealed.

Data released by The Banker Magazine, a subsidiary of the Financial Times Group ranked Standard Bank Group, a South African bank as the best bank in Africa with FirstRand and Absa Group, both South African banks claiming second and third spots respectively.

Published in the July edition of the magazine, the report ranked Zenith Bank PLC as the best bank in Nigeria, with GTBank and Access bank following closely.

The report also placed Zenith Bank as the best bank in West Africa.

Despite ranking best in West Africa and Nigeria, Zenith bank sat at the number 12 spot in Africa with GTBank following at number 17 and Access Bank closely on the 18th spot.

However, the United Bank for Africa (UBA) and First bank who failed to make the list of top 20 banks in Africa were listed on the 21st and 25th spots respectively, making up the top five banks in Nigeria.

On the global scene, the report ranked ICBC, China Construction Bank, Agricultural Bank of China and Bank of China, all Chinese banks as the top four banks in the world, with JPMorgan Chase, Bank of America and Citigroup all US banks filling the fifth to eighth position.