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Banking industry withstanding economic shocks - Coovadia

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Johannesburg – The banking industry remains profitable and South Africa’s financial system is still sound, but matters could be better, said Banking Association of South Africa managing director Cas Coovadia.

Coovadia was speaking at a briefing on the impact of the Financial Intelligence Amendment (FICA) Bill, hosted by South African National Editors Forum (SANEF) on Monday. Coovadia commented on the state of the sector.

“Despite the issues we have in the economy, the banking industry is looking reasonably well, it could look much better,” said Coovadia. There are 34 banks operating in South Africa. In the past year assets have gone up 2.9% to R4.9tr. Total equity is up 11.5% to R408bn.

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