SOUTH Africa's big banks continue to rake in profits despite a subdued economy and a rise in policy uncertainty bedevilling the economy.
The PricewaterhouseCoopers (PwC) study on the four biggest banks in the country showed the lenders posted combined profits of R40.4 billion in the six months ended June, up 12.1 percent year on year against the first six months of 2017.
The study further found that during the period under review, combined return on equity (ROE) grew by 15 basis points to 18.8 percent.
The report released on Friday looked into the combined local currency results of Absa, FirstRand, Nedbank and Standard Bank.
“It is evident from the results of the major banks that they have continued to spend considerable time and cost on their digital strategies, refining and simplifying products and enhancing their loyalty programmes,” said Costa Natsas, the banking and capital markets leader for PwC Africa.