Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Banks Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies4
  • 7D2.2%
  • 3M20.7%
  • 1Y43.8%
  • YTD11.8%

Over the last 7 days, the Banks industry has risen 3.0%, driven by gains from every company within the industry. This means that the industry has gained 40% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026R1.4tR378.5bR100.5b10.6x14.2x3.8x
Sun, 18 Jan 2026R1.3tR378.5bR100.5b9.5x12.9x3.4x
Tue, 16 Dec 2025R1.2tR378.5bR100.5b9.1x12.3x3.3x
Thu, 13 Nov 2025R1.2tR378.5bR100.5b8.4x11.8x3.1x
Sat, 11 Oct 2025R1.1tR378.5bR100.5b8x11.2x3x
Mon, 08 Sep 2025R1.0tR374.9bR99.0b7.6x10.5x2.8x
Wed, 06 Aug 2025R1.0tR364.7bR95.3b7.7x10.8x2.8x
Fri, 04 Jul 2025R1.1tR363.2bR95.8b7.8x11x2.9x
Sun, 01 Jun 2025R1.0tR363.2bR95.8b7.9x10.9x2.9x
Tue, 29 Apr 2025R1.0tR363.2bR95.8b7.8x10.8x2.8x
Thu, 27 Mar 2025R1.1tR359.1bR94.4b8.4x11.3x3x
Sat, 22 Feb 2025R1.0tR348.4bR90.9b8.3x11.1x2.9x
Mon, 20 Jan 2025R1.0tR348.4bR90.9b8.4x11.1x2.9x
Wed, 18 Dec 2024R1.0tR348.7bR90.6b8.5x11.6x3x
Fri, 15 Nov 2024R1.1tR349.1bR90.6b8.8x11.6x3x
Sun, 13 Oct 2024R1.1tR349.6bR91.0b9.1x11.5x3x
Tue, 10 Sep 2024R1.0tR345.2bR89.2b8.8x11.3x2.9x
Thu, 08 Aug 2024R941.8bR341.9bR90.6b8.2x10.4x2.8x
Sat, 06 Jul 2024R903.8bR339.9bR90.0b7.9x10x2.7x
Mon, 03 Jun 2024R773.9bR339.9bR90.0b6.9x8.6x2.3x
Wed, 01 May 2024R790.4bR339.9bR90.0b6.9x8.8x2.3x
Fri, 29 Mar 2024R779.1bR337.9bR89.6b6.9x8.7x2.3x
Sun, 25 Feb 2024R830.7bR335.8bR86.3b7.1x9.6x2.5x
Tue, 23 Jan 2024R800.0bR335.8bR86.3b6.8x9.3x2.4x
Thu, 21 Dec 2023R779.3bR335.8bR86.3b7.1x9x2.3x
Sat, 18 Nov 2023R799.6bR335.8bR86.3b7.9x9.3x2.4x
Mon, 16 Oct 2023R762.0bR335.7bR86.4b7.3x8.8x2.3x
Wed, 13 Sep 2023R774.5bR334.6bR86.0b7.6x9x2.3x
Fri, 11 Aug 2023R791.2bR314.8bR79.8b7.4x9.9x2.5x
Sun, 09 Jul 2023R717.6bR312.7bR79.3b7.4x9x2.3x
Tue, 06 Jun 2023R652.2bR312.7bR79.3b7x8.2x2.1x
Thu, 04 May 2023R701.0bR312.7bR79.3b7.1x8.8x2.2x
Sat, 01 Apr 2023R737.6bR313.0bR78.9b7.4x9.3x2.4x
Mon, 27 Feb 2023R778.2bR293.3bR71.5b8.7x10.9x2.7x
Price to Earnings Ratio

10.9x


Total Market Cap: R778.2bTotal Earnings: R71.5bTotal Revenue: R293.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Banks Industry Price to Earnings3Y Average 10.3x202420252026
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 14.0x which is higher than its 3-year average PE of 10.3x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 8.9% 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-0.21%
Financials1.86%
Banks2.24%
Diversified Banks2.24%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 10.3x.
    • Analysts expect its future annual earnings growth (12.3%) to be largely in line with prior year's earnings growth.
  • 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 10.3x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 12% 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 GroupR320.032.0%
+R10.2b		46.0%PB1.9x
CPI Capitec Bank HoldingsR4.73k1.7%
+R9.2b		52.2%PB10.2x
ABG Absa GroupR268.432.6%
+R5.5b		41.8%PB1.3x
NED Nedbank GroupR283.200.6%
+R777.2m		1.2%PB1.2x

Latest News

ABG
R268.43
Absa Group
7D
2.6%
1Y
41.8%
CPI
R4,727.87
Capitec Bank Holdings
7D
1.7%
1Y
52.2%
NED
R283.20
Nedbank Group
7D
0.6%
1Y
1.2%
SBK
R320.03
Standard Bank Group
7D
2.0%
1Y
46.0%

SBK: Easing Macro Turn And Mixed Views Will Support Steady ROE

Narrative Update Analysts have nudged their price target for Standard Bank Group slightly higher to ZAR 301.52 from ZAR 299.63, reflecting updated views on fair value, discount rates and forward P/E assumptions in the context of recent research commentary, including a downgrade from Investec and a Neutral initiation with a ZAR 272 target from Goldman Sachs. Analyst Commentary Recent research gives you a mixed but useful read on how the market is thinking about Standard Bank Group right now, with some highlighting scope for value at current levels and others flagging execution and macro risks that could cap upside.