This analysis presents the combined local currency results of South Africa’s major banks.
Against a highly challenging operating and economic background both globally and domestically, the major banks have produced commendable results for the second half of 2015. In aggregate, the major banks reported combined growth in headline earnings of 12.5% to reach R33.8bn – a credit to the strength of their franchises and the resilience and diversity within their profit pools.
The growth in headline earnings remains underpinned by solid operating drivers, with net interest income growth of 8.4% and non-interest revenue growth of 5.2%. However, total combined credit impairments show increases over a rolling year-on-year period, growing 10.8% against 2H14 as a result of latent credit stresses.
Previous editions of the South Africa – Major Banks Analysis: