Insights
Strategic Perspectives on SA Financial Services
Analysis and commentary on the forces shaping South Africa’s banking and financial services landscape.
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Original analysis published regularly. For the latest thinking, follow Brad Beetar on LinkedIn.
- The Banking Big 5 Earnings PostscriptOriginally published on LinkedIn, April 28, 2026 The earnings season has come and gone, and broadbrush the South African banking industry has been a pillar of stability and growth;- a… Read more: The Banking Big 5 Earnings Postscript
- Standard Bank and FirstRand: March UpdatesOriginally published on LinkedIn, April 1, 2026 The past week has seen Standard Bank and FirstRand provide 3 big market communications; Standard Bank’s Capital Markets Day, FNB’s announcement of a… Read more: Standard Bank and FirstRand: March Updates
- The Legacy Banks Are Dead, Long Live the Legacy Banks: Big 4 Headline Earnings Comparison (CY2025)The legacy Big 4 just missed double digit earnings growth (+9.5%) in calendar 2025 — a strong performance in a stagnant economy with serious competitive pressures. A like-for-like comparison across SA Retail, SA Commercial, Africa R&C and CIB.
Featured Series
Banking (P)review Series 2026
A six-part deep dive into each of South Africa’s Big 5 banks — competitive positioning, strategic direction, and what to watch in 2026.
- Banking (P)review 6: Capitec’s New CompetitionIt feels like forever that Capitec has been the upstart eating the incumbents’ lunch. That landscape is changing. Retailers, telcos, fintechs, neobanks and insurers are all leaning in.
- Banking (P)review 5: Capitec — Can It Continue Defying Gravity?Capitec has nosed ahead of FirstRand to be ranked Number One by market valuation. But even with rose-tinted spectacles, it remains a challenge to justify that valuation. Here’s why.
- Banking (P)review 4: ABSA — “Red Devils” Reborn?In 2005 the Glazers took over Manchester United, and Barclays acquired ABSA. Both lost their souls. Has a turning point been reached with the arrival of Kenny Fihla?
- Banking (P)review 3: Standard Bank CIB — The Springbok Scrum of African BankingThe best Business Unit in African banking is Standard Bank’s Corporate and Investment Banking division. It is as completely dominant as the South African forward pack.
- Banking (P)review 2: FirstRand — Metamorphosis (sans Kafkaesque Despair)?FirstRand was the first SA bank to crack a R500b valuation. But two non-trivial changes point to an unexpected maturity in leadership that offers both a path to growth and operational stabilization.
- Banking (P)review 1: Nedbank — Beyond Spring CleaningHistorically, the market has not been overly demanding of Nedbank. The good news is that the new CEO has ticked the right boxes. The question mark is whether it’s nearly enough.
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