SA’s largest lender StandardBankZA – says credit impairment charges jumped nearly 50% in the first five months of the year as consumers faced mounting pressure from the country’s deteriorating economy, sticky inflation and more BadDebt NtandoThukwana
Standard Bank – South Africa’s largest lender by assets – says credit impairment charges jumped nearly 50% in the first five months of the year as consumers faced mounting pressure from the country’s deteriorating economy, sticky inflation, and higher interest rates. On Tuesday, the bank issued a voluntary trading update for the five months to the end of May 2023, noting credit impairments related to consumer banking are currently elevated, with clients with home loans feeling the most pressure.
R2.5m bond? You could be paying R7 700 more each month The policy tightening leaves the current repo rate of 8.25%. Standard Bank expects a further 25bps hike in the second half of the year, it said on Tuesday. While higher interest rates generally benefit banks’ top-line earnings, it immediately makes paying off debt more expensive and puts strained consumers under further pressure.
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