Skin on the bones
It is time to revisit banking. Three of the big four have all reported and, as with the latest Reserve Bank BA 900’s, the picture isn’t pretty. This COVID-19 horror movie has further to play out. But capital cushions are reasonable even if return on equity is lousy. South African banks do compare favourably with large US banks on capital adequacy. In “Skin on the bones” Ingham Analytics reiterate that they are on record as long recommending avoiding banks’ but for the brave wishing to venture back in there is a stock for the radar – provided the price is right.
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