SA banks fight back against COVID

While no person, business or organisation was left unaffected by the devastating impact of the COVID-19 pandemic, the FTSE/JSE banks index has seen a steep rise of 53 per cent over the last year and individual bank share prices have also risen, reports Financial Mail.

Capitec’s share price has nearly doubled during this time while Investec has seen strong gains due to a big push in its key British market and further evidence that the COVID-19 pandemic had less of an effect on banks than the 2008 financial crises was underlined last week with “Standard Bank’s upbeat trading update”.

And Citi Bank analyst Charles Russel expects Standard Bank’s reporting to be on the low side with a significant earnings rise expected from South Africa’s other large banks.

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