Absa is leading the race in a stellar run for local banking stocks, several of which are defying the financial market volatility seen this year thanks to rising interest rates which are enabling them to increase profit margins on their loan books.

The share price of SA’s fourth-biggest bank by market value is up 27.56% so far this year, putting it on course to probably beat the stock price performance of Investec (21.96%), Standard Bank (21.77%) and Nedbank (18.52%). By contrast, FirstRand, the parent of FNB and WesBank, is up just 0.36% while Capitec is down 8.23% so far this year...

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