Good news for banks in South Africa (BT)
A recent analysis of South Africa’s major banks by financial services firm PwC shows that banks delivered a strong financial performance in the 2021 financial year with a 99% increase in headline earnings against the prior year. “With more supportive conditions, the major banks delivered strong results on the back of a rebound in economic activity, increased client engagement levels and gains made through the execution of their digitally-centric strategies,” said PwC. The report looked at the performance of Absa, FirstRand, Nedbank and Standard Bank in the 2021 financial year compared to the 2020 financial year. PwC said that a 59.6% decrease in the combined credit impairment charge was one of the reasons for overall headline earnings to grow 99%. Click here to read full article.
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