South Africa’s banking giants continue to dominate the African continent in spite of the country’s recent economic woes. While the weakness of the rand saw each of the country’s largest five lenders post falls in assets in dollar terms, all reported solid results in local currency terms in their most recent annual results.
Standard Bank Group remains in place as the largest lender by both Tier 1 capital and assets in the country and the continent, even as its assets dropped slightly in dollar terms in 2023. The bank recorded the only pre-tax dollar profit increase of the country’s big five, even as South Africa’s worsening economy prompted a rise in impairment charges and provisions for 2023.
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