STUART THEOBALD: New accounting rules make comparing banks’ performance with 2009 hard

Bank profitability has predictably been hit hard by the Covid-19 crisis. Profits have slumped between 43% (Standard Bank) and 82% (Absa) in the first half of the year.

The issue is how to judge this in context. Sure, profits have slumped, but the banks remained profitable and their financial strength has not been compromised. Nevertheless, I do wonder if this has been the worst performance in modern financial history.