South Africa’s major banks have successfully navigated complex economic terrain over the first part of 2022 but the outlook for the rest of the year remains uncertain.
South Africa’s major banks have successfully navigated complex economic terrain over the first half of 2022, but the outlook for the rest of the year remains uncertain.
This is one of the key findings in PwC’s Major Banks Analysis, which looks into the combined local currency results of Absa, FirstRand, Nedbank and Standard Bank. Banks with a large regional presence outside the country also saw the benefit of diversification, with some benefitting from the higher rate environment, a recovery in international trade and strong growth in trading revenues, said the group.PwC said that the second half of this year is expected to be volatile and uncertain as geopolitical risks remain tense and acute.
The country also currently faces a potential greylisting by the international watchdog, the Financial Action Task Force , which is a worrisome prospect, said PwC.
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