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Moody too much for SA banks!

This follows the African Bank’s recent rescue by the Reserve Bank, in what has been the highlight in the economical market.

“FRB confirms that the rating actions announced are linked to Moody’s assessment of the South African banking industry as a whole and is not a reflection of any fundamental changes in FRB’s financial strength, earnings resilience or credit quality,” read the media statement.

“FirstRand reports the strongest capitalisation among the four largest South African banks, with a common equity Tier 1 ratio of 13.4% as of December 2013, in addition to the lowest level of NPLs to gross loans at 2.6%”, according to Moody.

FRB maintains a strong liquidity position.

The FirstRand Group will be releasing its annual results for the year ended 30 June 2014 on Tuesday, 9 September 2014. 

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