FirstRand

JSE-listed South African banking and financial services group with diversified operations across retail, commercial, and investment banking.

“…high dividend yields and a decent growth outlook support the case for double-digit returns [in several SA bank names]. While the banks face competition from more agile challengers, their large, engaged customer bases remain a formidable advantage. We expect them to leverage their distribution strength to deepen product penetration and grow revenues in real terms. A sustained domestic recovery would provide further tailwinds through increased credit extension and transactional activity. SA’s banks are also well-positioned to grow into the broader African opportunity.”