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South Africa's best and worst banks according to customers

South Africa’s best and worst banks according to customers
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South Africa’s biggest banks earned a lot of good will and loyalty with customers during the Covid-19 lockdown, in large part due to their wide-scale debt relief responses.
This was the headline finding from the latest South African Consumer Satisfaction Index (Sacsi) for banking in 2020, by Consulta, which gauged customer sentiment and happiness at Absa, FNB, Capitec, Nedbank, Standard Bank and African Bank.
The group polled almost 12,500 customers from the lower, middle, and upper retail banking segments for the survey.
The index found that with the Covid-19 pandemic in tow, banks had to adjust their business models even more rapidly, with many services being upended. The move towards a tech-driven digital-first approach was already in motion before the pandemic, Sacsi said, but was accelerated at unprecedented levels. ....

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Limpopo community to be uplifted by R43m PowerBall winner

Limpopo community to be uplifted by R43m PowerBall winner
15 March 2021 - 12:03
The latest PowerBall winner says he will use a portion of his winnings to create jobs in his community. Stock photo.
Image: 123RF/ALLAN SWART
A community from Limpopo will feel the benefits of having a multimillionaire living in their midst.
This is after the latest PowerBall winner told lottery operator Ithuba that he would use a portion of his R43m win to better their lives.
“My father and I have our own family business and some of the money will go towards expanding and growing the company. This will also allow me to create jobs within my community,” the man told Ithuba officials when he went to collect his winnings. ....

WATCH: How South African economy suffered worst slump since 1946

Nedbank chief economist Nicky Weimar talks to Business Day TV about the GDP data
By Business Day TV - 10 March 2021
Image: 123RF/ SOLAR SEVEN
South Africa has recorded its biggest annual growth slump in more than seven decades. The economy contracted by 7% in 2020, marginally better than the National Treasury’s forecasts.
Business Day TV’s Alishia Seckam spoke to
Nedbank chief economist Nicky Weimar for her view on the data and what it means for the country’s growth trajectory.
Nedbank chief economist Nicky Weimar talks to Business Day TV about the GDP data. ....

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S.Africa's Nedbank says 2020 profit could fall by up to 60%

By Reuters Staff
1 Min Read
Customers look on outside Nedbank, after the bank closed due to load shedding, at the Mall of the South in Johannesburg, South Africa, March 17, 2019. REUTERS/Siphiwe Sibeko
JOHANNESBURG (Reuters) - South Africa’s Nedbank Ltd said on Friday its profit for the year ended Dec. 31 could drop by almost 60% due to the impact of the pandemic.
It expects headline earnings per share (HEPS), the main profit measure in South Africa, of between 10.42 rand ($0.6801) and 11.72 rand, down 55%-60%, the lender said.
Nedbank will announce its results on March 17.
Reporting by Promit Mukherjee; editing by Jason Neely ....

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Economists on the rand, Covid immunity – and why South Africa's next ratings downgrade is going to hurt

Economists on the rand, Covid immunity – and why South Africa’s next ratings downgrade is going to hurt
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Rating agencies and global investors were not overly impressed with South Africa’s national budget, casting doubts over the government’s ability to stick to its expenditure targets, say Nedbank economists.
In a research note published this week, Nedbank said that the budget was met with scepticism by Moody’s Investors Service and Fitch Ratings, with both agencies doubtful of the government’s ability to limit spending, especially wages.
Notably, Moody’s said that it still expected gross loan debt to rise to a 100% of GDP by fiscal 2023. ....

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