Picture: 123RF/FUZZBONES
Picture: 123RF/FUZZBONES

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-19.

According to an overview of banks’ results by PwC, aggregate headline earnings for all 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 2.5 times.

Michael Avery speaks to Costa Natsas, financial services leader of PwC Africa; and Nolwandle Mthombeni, senior banks analyst at Intellidex, about what we can learn from this earnings season.

Michael Avery and guest experts unpack the bank earnings report released by PwC Africa

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