Nedbank has been the poorest performing bank on the JSE this year, with the share price down 53% from its recent peak to R99.

True, all the banks have suffered — Absa is down 46%, FirstRand 37% and Standard Bank 36% — but Nedbank has borne the brunt of the pain. Investors are understandably nervous as they see the banks raising gargantuan sums to cover a likely flood of bad debts...

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