Recent results from SA’s major banks, among the hardest hit shares when the Covid-19 pandemic made its way to SA in 2020, had provided a clue: amid all the gloom, the power cuts and record unemployment, parts of the economy are showing unexpected resilience.

FirstRand, which owns FNB and RMB among the most recognised names in SA's financial services industry, said this week that it expected annual profits to jump at least 35%. ..

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