The bank said the high number of retrenchments and salary cuts that its customers have been faced with has led to an increase in stage-three provisions.
Stage-three provisions refer to bad debt provisions for loans that have exceeded the 90-day non-payment threshold. When the pandemic hit last year, the big banks offered payment holidays and other relief measures for customers struggling to meet their debt obligations.
Reasons Why Not To Invest&Visit in South Africa: 1. Racist BBBEE laws 2. Corruption 3. Crime 4. Unfriendly labour legislation 5. Land Expropriation without compensation 6. No electricity 7 Illegal foreigners 8 City Name Changes(PortElizabeth)
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