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Banking on better days

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Banks and financials fell 7,5% and 5,5% respectively last week as the 2020 earnings season revealed what many had feared, the bulk of the banks suffered swinging losses due to Covid. According to an overview of banks’ results by PwC, aggregate headline earnings for all of the banks declined by more than 48% in 2020 compared to the previous financial year, return on equity more than halved from 17.8% to 8.3%, and provisions for bad debt increased by 2.5 times. Michael Avery spoke to Costa Natsas, financial services leader of PwC Africa, & Nolwandlke Mthombeni, senior banks analyst at Intellidex, about what we can learn from this earnings season.
23 Mar 2021 2AM English South Africa Business · Business News

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