THE COMBINED headline earnings of South Africa’s major banks fell by 48.4 percent to R43.6bn in the 2020 financial year, says PwC.
“Our economics team expects the global economy to expand 4.7 percent in 2021, a forecast conditional on successful deployment of Covid-19 vaccines and accommodative fiscal, financial and monetary conditions,” the professional services and accounting firm said. PwC Africa’s Financial Services leader, Costa Natsas, said in a statement: “The severe disruptions and risks brought by the pandemic are clearly evident in the major banks’ results …
Credit impairment charges soared relative to 2019, and were a main reason for the steep fall in combined headline earnings and returns, which now compare to 2012 levels.The combined return on investment fell sharply to 8.3percent from 17.9percent. The size, scope and configuration of the physical branch network was likely to change, but would continue to play their part in overall channel and distribution strategies going forward.
“The major banks’ trusted brands, geographic diversity and integrated and growing product set across the financial services spectrum aided their ability to demonstrate operational and balance sheet resilience through crisis conditions,” PwC said.
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