The true extent of that pain will be laid bare when the lenders start releasing results next week in what is shaping up to be the worst earnings slump in at least 50 years.Africa’s most-industrialized nation was trapped in its longest downward cycle since World War II even before the coronavirus struck. A 30.
By the end of June, they had provided about 31 billion rand in coronavirus-related relief, according to the Banking Association South Africa. Even if conditions deteriorate further, lenders are well armed to cope, with much more high-quality liquid assets to cover outflows than the regulator requires.
FirstRand Ltd. said earnings excluding accounting adjustment probably fell as much as much as 45% in the 12 months through June. Nedbank Group Ltd. hasn’t yet been more specific since saying on May 22 that its first-half profit will be more than 20% lower, while Capitec Bank Holdings Ltd. expects its earnings to decline at least 70% for the six months through August.
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