Capitec leads in customer growth, FirstRand has the healthiest book. Who's swimming naked?

South African banks have been among the best performers on the JSE in the past year. The FTSE/JSE Banks Index delivered close to a 9% 12-month return on Monday, while the JSE All Share Index and the Top40 delivered negative returns over the same period.

It's no surprise why: The big three banks – Standard Bank, Absa and Nedbank – who published their half-year results recently, generated R32.9 billion in headline earnings, 30% higher than the profits they collectively made in the first half of 2021. FirstRand, which presented its full-year results, also grew its earnings by 22% compared to the year ended in June 2021. For the most part, the Big Four's profits are now significantly ahead of their pre-pandemic levels.