South African Banks’ Loans Grew to 2.5 Trillion Rand

(Corrects figure to trillion in first paragraph.)

South African banks’ total loans and advances grew 8.8 percent to 2.5 trillion rand last year, while bad debts declined to 4.7 percent from 5.8 percent a year earlier, the South African Reserve Bank said.

The industry’s total operating profit grew 30 percent and the cost to income ratio fell to 55.2 percent from 56.4 percent, the central bank said in a statement from Pretoria today.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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