So far in 2023, South Africa’s “big four” banks have contributed R18.6 billion in direct tax to the government’s coffers.
South Africa’s big four banks paid R18.6 billion in direct tax in the first half of the current financial year, with Standard Bank paying the largest portion of R6.3 billion, followed closely by FirstRand with R5.8 billion.report for the period ended 30 June 2023 after South Africa’s four largest banks had reported their interim results in September.
Their revenue benefitted from higher interest rates, balance sheet growth, and efficiencies from the digitalisation of their services, said PwC.In spite of the amplified risk outlook, the major banks’ balance sheets remained resilient, with capital and liquidity continuing to be maintained well above regulatory requirements, while balance sheet provisions reached unprecedented levels in anticipation of forecast risks.
In South Africa, electricity supply constraints are expected to remain a clear and present risk to the local economy.
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