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. ..

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.