Banks’ stocks are trading cheaply even as rising interest rates mean they’re braced for bad loans.
Why buy banks? With SA in the grip of its most aggressive rate hiking cycle in more than a decade, an economy barely scratching any growth and the prospect of bad loans galore, you’d think SA’s lenders would be the last place to park money.
Yet as the four majors — Absa, FirstRand, Nedbank and Standard — finalise their financial statements for the reporting season to end-June, SBG Securities has a buy call out on all of them. The brokerage reckons there’s a lot going for the lenders...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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