
Measured Momentum in SA Banking: Earnings Up, Risks Rising
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South Africa’s major banks delivered headline earnings growth of 9.3% to R82.3 billion, stronger ROE at 20.5%, and improved cost‑to‑income ratios — but beneath the numbers lies a fragile domestic recovery and renewed inflation pressure. PwC’s Rivaan Roopnarain breaks down the competitive dynamics across retail, business, corporate and payments ecosystems, and what the first‑half results reveal about the sector’s trajectory.

