David Shapiro 'cautious' of SA bank shares after Covid; Adrian Saville

FirstRand reported a 38% drop in normalised profit for the year earlier this month. Hundreds of South Africans have been drowning in unpaid bills thanks to a harsh lockdown which caused many to lose their jobs or take pay cuts. As a result, the group increased provisions to cover bad debts relating to Covid-19 by over R15bn. It has since written off over R24bn in bad-debt credit impairments. It's not the only South African bank to feel the effects of Covid. In a Rational Radio webinar, BizNews founder Alec Hogg is joined by South Africa's favourite market commentator David Shapiro and chief executive at Cannon Asset Managers Adrian Saville to discuss the issues surrounding South African bank shares. Learn more about your ad choices. Visit megaphone.fm/adchoices