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

South African (JSE) Banks Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies4
  • 7D5.6%
  • 3M12.4%
  • 1Y39.4%
  • YTD12.1%

Over the last 7 days, the Banks industry has risen 5.6%, driven by gains from every company within the industry. In the last 12 months, the industry was up 39%. 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
Tue, 23 Jun 2026R1.4tR385.0bR95.9b13.8x14.9x3.7x
Thu, 21 May 2026R1.3tR385.0bR95.9b12.7x13.8x3.4x
Sat, 18 Apr 2026R1.4tR381.9bR94.4b13.3x14.5x3.6x
Mon, 16 Mar 2026R1.3tR381.9bR94.4b12.5x13.4x3.3x
Wed, 11 Feb 2026R1.4tR378.5bR100.5b10.2x13.7x3.6x
Fri, 09 Jan 2026R1.3tR378.5bR100.5b9.6x12.9x3.4x
Sun, 07 Dec 2025R1.2tR378.5bR100.5b8.8x12.1x3.2x
Tue, 04 Nov 2025R1.1tR378.5bR100.5b8x11.3x3x
Thu, 02 Oct 2025R1.1tR378.5bR100.5b7.5x10.5x2.8x
Sat, 30 Aug 2025R1.1tR374.9bR99.0b7.8x10.9x2.9x
Mon, 28 Jul 2025R1.0tR363.2bR95.8b7.7x10.8x2.8x
Wed, 25 Jun 2025R1.1tR363.2bR95.8b8x11.1x2.9x
Fri, 23 May 2025R1.0tR363.2bR95.8b7.7x10.7x2.8x
Sun, 20 Apr 2025R980.3bR359.1bR94.4b7.5x10.4x2.7x
Tue, 18 Mar 2025R1.0tR359.1bR94.4b8.2x10.8x2.9x
Thu, 13 Feb 2025R1.0tR348.4bR90.9b8.3x11.2x2.9x
Sat, 11 Jan 2025R1.0tR348.4bR90.9b8.4x11.1x2.9x
Mon, 09 Dec 2024R1.1tR348.7bR90.6b8.9x11.8x3.1x
Wed, 06 Nov 2024R1.1tR349.1bR90.6b9.2x11.9x3.1x
Fri, 04 Oct 2024R1.0tR349.6bR91.0b8.9x11.3x2.9x
Sun, 01 Sep 2024R1.0tR345.2bR89.2b9.1x11.4x3x
Tue, 30 Jul 2024R939.2bR339.9bR90.0b8.2x10.4x2.8x
Thu, 27 Jun 2024R898.9bR339.9bR90.0b7.7x10x2.6x
Sat, 25 May 2024R815.7bR339.9bR90.0b7.3x9.1x2.4x
Mon, 22 Apr 2024R725.7bR337.8bR89.5b6.5x8.1x2.1x
Wed, 20 Mar 2024R774.7bR337.9bR89.6b6.8x8.6x2.3x
Fri, 16 Feb 2024R815.7bR335.8bR86.3b7x9.4x2.4x
Sun, 14 Jan 2024R823.9bR335.8bR86.3b7.9x9.5x2.5x
Tue, 12 Dec 2023R783.1bR335.8bR86.3b6.7x9.1x2.3x
Thu, 09 Nov 2023R792.4bR335.8bR86.3b7.6x9.2x2.4x
Sat, 07 Oct 2023R760.4bR335.7bR86.4b7.2x8.8x2.3x
Mon, 04 Sep 2023R751.1bR334.6bR86.0b7.2x8.7x2.2x
Wed, 02 Aug 2023R783.4bR312.7bR79.3b7.6x9.9x2.5x
Fri, 30 Jun 2023R706.7bR312.7bR79.3b7.4x8.9x2.3x
Price to Earnings Ratio

8.9x


Total Market Cap: R706.7bTotal 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 14.9x which is higher than its 3-year average PE of 10.8x.
  • The 3-year average PS ratio of 2.8x 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 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 Market0.77%
Financials4.12%
Banks5.59%
Diversified Banks5.59%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 10.8x.
    • Analysts are expecting annual earnings growth of 14.0%, 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 10.8x.
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
CPI Capitec Bank HoldingsR4.76k4.2%
+R22.4b		39.2%PB9.3x
SBK Standard Bank GroupR335.273.6%
+R19.0b		49.4%PB1.9x
ABG Absa GroupR252.863.6%
+R7.3b		48.1%PB1.1x
NED Nedbank GroupR281.465.0%
+R6.1b		14.3%PB1.1x

Latest News

CPI
R4,762.67
Capitec Bank Holdings
7D
4.2%
1Y
39.2%
NED
R281.46
Nedbank Group
7D
5.0%
1Y
14.3%
Narrative Update • Jun 17

NED: Future Returns Will Improve As Earnings Delivery Supports Higher Fair Value

Analysts have slightly reduced their price target for Nedbank Group to ZAR308.72 from ZAR310.61, reflecting small adjustments to assumptions on 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 provided in the primary sources.
ABG
R252.86
Absa Group
7D
3.6%
1Y
48.1%
Narrative Update • Jun 17

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

Analysts have slightly adjusted their fair value estimate for Absa Group, trimming the price target from ZAR269.19 to ZAR268.75 as they refine assumptions around discount rates, profit margins and future P/E expectations. What’s in the News for Absa Group No recent Absa Group news items were identified in the provided sources, so investors may need to rely on the latest company filings, official announcements or exchange disclosures for current updates.
SBK
R335.27
Standard Bank Group
7D
3.6%
1Y
49.4%
Narrative Update • Jun 10

SBK: Dividend Strength And Refined Risk Assumptions Will Support Post Downgrade Stability

Analysts have nudged their fair value estimate for Standard Bank Group slightly higher from ZAR336.77 to about ZAR341.01, citing refreshed assumptions on discount rates and future P/E in spite of recent bearish Street research. Analyst Commentary Bullish Takeaways Bullish analysts see the refreshed discount rate and P/E assumptions as better aligned with current risk pricing, which supports the modest uplift in fair value to about ZAR341.01.