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SA banks under pressure as economy stumbles

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Capitec is shaking up mass market retail banking in the country.(Duncan Alfreds, Fin24)
Capitec is shaking up mass market retail banking in the country.(Duncan Alfreds, Fin24)

Cape Town - South African banks are facing growing credit risks as the economy worsens, warned Standard & Poor's on Thursday.

The rating agency stated in a report that South African banks face profitability pressures over the next few years amid a weakening economy and rising credit risks.

"The outlook on all banks we rate in the country turned negative at the end of 2015," said S&P's credit analyst Matthew Pirnie.

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