The nature of local banks’ depositors is one reason few analysts see the odds of a run here. Rather, the global selloff, they say, is good reason to buy
PSG Wealth is still banking on South Africa’s lenders. This despite the uncertainty whipped up by fragility in large European banks and the collapse of Silicon Valley Bank and other regional lenders in the US.
It’s mainly down to local banks’ inherent conservatism. During the pandemic, local lenders took excessive bad debt provisions for the economic fallout of lockdowns. The expected blowout didn’t realise. But the banks have been stubborn to release these provisions back to shareholders...
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