South Africa Banks: Broadly Resilient Trends

This report reviews April 2026 BA900 data for South African banks, noting resilient 9% yoy loan and deposit growth. Analysts maintain Buy ratings on Absa, FirstRand, and Capitec while remaining Neutral on Nedbank and Standard Bank.

Key Takeaways

• 1.South African banks show resilient trends with sector loan and deposit growth both at +9% yoy in April 2026.
• 2.Macro outlook includes 4.2% inflation and 1.6% GDP growth for 2026, with expectations for two 25bp rate hikes.

Table of Contents

• April sector loan/deposit growth +9%/+9% yoy
• Macro outlook
• Our top picks include Absa, FSR, CPI
• Market shares
• GEM banks valuation table
• Disclosure Appendix

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