Nedbank kicks off the big four banks' reporting season on Wednesday and it's already signalled that its earnings will be even better than the banking group or the market expect - a trend that could be followed as its rivals report in coming weeks.

It's the "base effects" that are the big driver, with the six months to June this year set against six months that last year included hard lockdown, when the banks' transaction volumes crashed and they had to provide massively for debts they expected to go bad...

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