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South African (JSE) Banks Industry Analysis

UpdatedJul 13, 2026
DataAggregated Company Financials
Companies4
  • 7D-0.4%
  • 3M1.8%
  • 1Y37.0%
  • YTD7.8%

In the last week, Banks has been flat. As for the the longer term, the industry is up 37% over the past 12 months. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

Has the South African Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Jul 2026R1.4tR385.0bR95.9b13.3x14.4x3.6x
Wed, 10 Jun 2026R1.3tR385.0bR95.9b12.7x13.9x3.5x
Fri, 08 May 2026R1.3tR385.0bR95.9b13x13.8x3.5x
Sun, 05 Apr 2026R1.3tR381.9bR94.4b13.2x13.9x3.4x
Tue, 03 Mar 2026R1.4tR378.5bR100.5b10.6x14.3x3.8x
Thu, 29 Jan 2026R1.3tR378.5bR100.5b9.8x13.1x3.5x
Sat, 27 Dec 2025R1.3tR378.5bR100.5b9.4x12.7x3.4x
Mon, 24 Nov 2025R1.2tR378.5bR100.5b8.5x11.8x3.1x
Wed, 22 Oct 2025R1.1tR378.5bR100.5b7.9x11.4x3x
Fri, 19 Sep 2025R1.1tR374.9bR99.0b7.6x10.8x2.8x
Sun, 17 Aug 2025R1.1tR371.1bR97.6b8.1x11.2x2.9x
Tue, 15 Jul 2025R1.0tR363.2bR95.8b7.5x10.5x2.8x
Thu, 12 Jun 2025R1.1tR363.2bR95.8b7.8x11x2.9x
Sat, 10 May 2025R1.0tR363.2bR95.8b7.7x10.6x2.8x
Mon, 07 Apr 2025R897.4bR359.1bR94.4b7.2x9.5x2.5x
Wed, 05 Mar 2025R1.0tR348.4bR90.9b8.4x11.1x2.9x
Fri, 31 Jan 2025R992.7bR348.4bR90.9b8.3x10.9x2.8x
Sun, 29 Dec 2024R1.0tR348.7bR90.6b8.4x11.3x2.9x
Tue, 26 Nov 2024R1.1tR349.1bR90.6b8.9x11.7x3x
Thu, 24 Oct 2024R1.0tR349.1bR90.6b8.8x11.4x3x
Sat, 21 Sep 2024R1.0tR345.2bR89.2b9.2x11.6x3x
Mon, 19 Aug 2024R984.6bR343.4bR90.2b8.8x10.9x2.9x
Wed, 17 Jul 2024R922.0bR339.9bR90.0b8x10.2x2.7x
Fri, 14 Jun 2024R799.3bR339.9bR90.0b7.2x8.9x2.4x
Sun, 12 May 2024R807.5bR339.9bR90.0b7.1x9x2.4x
Tue, 09 Apr 2024R786.7bR337.8bR89.5b6.9x8.8x2.3x
Thu, 07 Mar 2024R824.9bR337.3bR86.9b7x9.5x2.4x
Sat, 03 Feb 2024R808.1bR335.8bR86.3b6.8x9.4x2.4x
Mon, 01 Jan 2024R824.4bR335.8bR86.3b7.1x9.5x2.5x
Wed, 29 Nov 2023R811.6bR335.8bR86.3b7.3x9.4x2.4x
Fri, 27 Oct 2023R736.5bR335.7bR86.4b7x8.5x2.2x
Sun, 24 Sep 2023R755.0bR334.6bR86.0b7.4x8.8x2.3x
Tue, 22 Aug 2023R744.3bR334.6bR86.0b7.1x8.7x2.2x
Thu, 20 Jul 2023R750.1bR312.7bR79.3b7.4x9.5x2.4x
Price to Earnings Ratio

9.5x


Total Market Cap: R750.1bTotal Earnings: R79.3bTotal Revenue: R312.7bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Banks Industry Price to Earnings3Y Average 10.9x202420252026
Current Industry PE
  • Investors are optimistic on the South African Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 14.4x which is higher than its 3-year average PE of 10.9x.
  • The 3-year average PS ratio of 2.8x is lower than the industry's current PS ratio of 3.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 6.5% per year over the last three years.
  • Revenues for these companies have grown 7.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the South African Financials industry?

ZA Market-0.85%
Financials-0.28%
Banks-0.40%
Diversified Banks-0.40%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 10.9x.
    • Analysts are expecting annual earnings growth of 14.1%, which is higher than its past year's earnings growth of 7.7% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.9x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings growth rate of 7.7% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SBK Standard Bank GroupR324.480.06%
+R308.3m		47.5%PB1.8x

Latest News

SBK
R324.48
Standard Bank Group
7D
0.06%
1Y
47.5%
Narrative Update • Jul 09

SBK: Dividend Strength And Tighter Risk Assumptions Will Guide Post Downgrade Outlook

The analyst fair value estimate for Standard Bank Group has been adjusted from ZAR341.01 to ZAR348.56, reflecting updated assumptions on discount rates, profit margins and forward P/E, while also incorporating more cautious views from recent Street research, where some analysts have turned more bearish on the stock. Analyst Commentary Recent Street research around Standard Bank Group points to a more cautious tone, even as the updated fair value estimate reflects refined assumptions on discount rates, profit margins and forward P/E.
NED
R270.99
Nedbank Group
7D
-1.0%
1Y
15.8%
Narrative Update • Jul 02

NED: Lower P/E Assumptions Will Support Future Upside Potential

Analysts have reduced their fair value estimate for Nedbank Group to ZAR379.29 from ZAR392.11, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Nedbank Group No recent Nedbank Group specific news items were available from the provided sources.
ABG
R215.97
Absa Group
7D
-3.9%
1Y
24.3%
CPI
R4,743.54
Capitec Bank Holdings
7D
-1.1%
1Y
39.3%