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South African (JSE) Banks Industry Analysis

UpdatedJun 08, 2026
DataAggregated Company Financials
Companies4
  • 7D-2.2%
  • 3M0.9%
  • 1Y24.8%
  • YTD2.5%

Over the last 7 days, the Banks industry has dropped 3.1%, driven by pullbacks from every company within the industry. Over the past 12 months, the industry was up 24%. Looking forward, 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, 08 Jun 2026R1.3tR385.0bR95.9b12.5x13.7x3.4x
Wed, 06 May 2026R1.3tR385.0bR95.9b12.7x13.5x3.4x
Fri, 03 Apr 2026R1.3tR381.9bR94.4b13.2x13.9x3.4x
Sun, 01 Mar 2026R1.4tR378.5bR100.5b10.6x14.3x3.8x
Tue, 27 Jan 2026R1.3tR378.5bR100.5b9.8x13.1x3.5x
Thu, 25 Dec 2025R1.3tR378.5bR100.5b9.4x12.7x3.4x
Sat, 22 Nov 2025R1.2tR378.5bR100.5b8.5x11.8x3.1x
Mon, 20 Oct 2025R1.1tR378.5bR100.5b7.9x11.2x3x
Wed, 17 Sep 2025R1.1tR374.9bR99.0b7.6x10.7x2.8x
Fri, 15 Aug 2025R1.1tR371.0bR97.6b8.1x11.3x3x
Sun, 13 Jul 2025R1.0tR363.2bR95.8b7.5x10.6x2.8x
Tue, 10 Jun 2025R1.1tR363.2bR95.8b7.9x11x2.9x
Thu, 08 May 2025R1.0tR363.2bR95.8b7.7x10.6x2.8x
Sat, 05 Apr 2025R897.4bR359.1bR94.4b7.2x9.5x2.5x
Mon, 03 Mar 2025R1.0tR348.4bR90.9b8.2x11x2.9x
Wed, 29 Jan 2025R975.5bR348.4bR90.9b8.2x10.7x2.8x
Fri, 27 Dec 2024R1.0tR348.7bR90.6b8.5x11.4x3x
Sun, 24 Nov 2024R1.1tR349.1bR90.6b8.9x11.9x3.1x
Tue, 22 Oct 2024R1.1tR349.6bR91.0b9x11.6x3x
Thu, 19 Sep 2024R1.0tR345.2bR89.2b9.1x11.5x3x
Sat, 17 Aug 2024R984.6bR343.4bR90.2b8.8x10.9x2.9x
Mon, 15 Jul 2024R920.4bR339.9bR90.0b8x10.2x2.7x
Wed, 12 Jun 2024R792.1bR339.9bR90.0b6.9x8.8x2.3x
Fri, 10 May 2024R799.4bR339.9bR90.0b7.1x8.9x2.4x
Sun, 07 Apr 2024R781.7bR337.9bR89.6b6.8x8.7x2.3x
Tue, 05 Mar 2024R821.6bR335.8bR86.3b6.8x9.5x2.4x
Thu, 01 Feb 2024R807.9bR335.8bR86.3b6.9x9.4x2.4x
Sat, 30 Dec 2023R824.4bR335.8bR86.3b7.1x9.5x2.5x
Mon, 27 Nov 2023R818.5bR335.8bR86.3b7.8x9.5x2.4x
Wed, 25 Oct 2023R748.6bR335.7bR86.4b7.1x8.7x2.2x
Fri, 22 Sep 2023R758.0bR334.6bR86.0b7.5x8.8x2.3x
Sun, 20 Aug 2023R744.3bR334.6bR86.0b7x8.7x2.2x
Tue, 18 Jul 2023R753.7bR312.7bR79.3b7.3x9.5x2.4x
Thu, 15 Jun 2023R706.3bR312.7bR79.3b7.6x8.9x2.3x
Price to Earnings Ratio

8.9x


Total Market Cap: R706.3bTotal Earnings: R79.3bTotal Revenue: R312.7bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Banks Industry Price to Earnings3Y Average 10.8x202420252026
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 13.6x which is higher than its 3-year average PE of 10.7x.
  • The 3-year average PS ratio of 2.8x is lower than the industry's current PS ratio of 3.4x.
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-2.67%
Financials-2.07%
Banks-2.23%
Diversified Banks-2.23%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 10.7x.
    • 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 10.7x.
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
ABG Absa GroupR233.201.6%
+R3.1b		30.6%PB1.1x

Latest News

NED
R254.77
Nedbank Group
7D
-1.7%
1Y
-0.3%
Narrative Update • Jun 03

NED: Neutral Stance And Ownership Shift Will Shape A Cautious Outlook

Analysts kept their ZAR 275.00 price target for Nedbank Group unchanged, pointing to slightly firmer revenue growth, a marginally higher profit margin and a small adjustment to the discount rate and future P/E assumptions following recent research, including a Neutral stance reinstatement from Goldman Sachs. What's in the News Lazard Asset Management LLC completed the acquisition of an additional 5% stake in Nedbank Group Limited (JSE:NED) on March 6, 2026, bringing its total holding to 5.344%.
ABG
R233.20
Absa Group
7D
1.6%
1Y
30.6%
Narrative Update • Jun 03

ABG: Dividend Payout And Digital Remittances Will Support Future Upside Potential

Analysts have adjusted their price target on Absa Group slightly lower to reflect an updated fair value of about ZAR269.19, with modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Absa Group declared a final ordinary dividend of ZAR8.50 per share for the financial period ended 31 December 2025, with the last day to trade cum dividend on 21 April 2026, ex dividend on 22 April 2026, a record date of 24 April 2026, and payment on 28 April 2026.
SBK
R306.98
Standard Bank Group
7D
-2.4%
1Y
31.2%
Analysis Article • Jun 01

Do Standard Bank Group's (JSE:SBK) Earnings Warrant Your Attention?

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
CPI
R4,352.08
Capitec Bank Holdings
7D
-2.4%
1Y
23.8%
Narrative Update • Jun 01

CPI: Higher Profit Margins And Richer P/E Will Support Future Share Repricing

Analysts have lifted their price target for Capitec Bank Holdings from ZAR4,990 to ZAR5,686, citing updated assumptions that include a slightly lower discount rate, adjustments to revenue growth expectations, a higher profit margin, and a modestly higher future P/E multiple. Valuation Changes Fair Value: Updated from ZAR4,990 to ZAR5,686, indicating a higher central estimate for the stock.