SA banks perform well

Nedbank Group said it delivered a strong financial performance for the year ended December 2021, with profits up by 115% to R11.7-billion from the prior period, but still 7% below 2019 levels.

Africa’s biggest bank by assets, Standard Bank, reported a 57% increase in profit to R25-billion.

First Rand, South Africa’s biggest bank by market value, last week said halfyear profit jumped 41% to R16.6-billion.

Absa will be releasing its results tomorrow but already said it expected a huge increase in earnings.