The Reserve Bank has signalled that credit losses in the country’s biggest commercial lenders might have peaked after the sector set aside billions of rand to absorb skipped loan repayments from consumers reeling from the pandemic.

"Have we seen the worst of the non-performing loans? Have we seen the worst of the defaults? We probably have. We’re probably beyond the worst," Kuben Naidoo, one of the Bank’s deputy governors, said at a year-end briefing on Friday...

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