Banking

How much you would have if you invested R1,000 in Absa, Capitec, Standard Bank and more at the start of 2025

Malcolm Libera

 ·29 Dec 2025

The share price performances of South Africa’s largest banks have varied drastically over the last year, with Capitec clearly on top.

Capitec, which was established in 2001, has now become South Africa’s largest bank by customer numbers (25 million active customers).

The group’s share price has grown by roughly 35,000% since 2004, with 32.54% growth seen year-to-date in 2025.

This means that the R1,000 invested at the start of the year would now be worth R1,325.40.

This comes off a strong financial performance. In its interim results for the six months ended 31 August 2025, headline earnings grew by 26% to R8 billion.

The group generated an ROE of 31% (2024:29%), with the group’s interim dividend also increased by 26% to 2,620 cents (August 2024: 2,085 cents).

The group’s net interest income grew by 23%, driven by a 40% growth in loan disbursements and a 16% increase in interest income on lending.

Standard Bank

Standard Bank, the largest bank by assets under management, is second, with R1,000 at the start of the year now worth R1,275.90.

Standard Bank shares surged 5% after the group reported solid half-year earnings growth, with a strong performance from its corporate and investment banking (CIB) unit.

Africa’s largest banking group, which now boasts an on-the-ground presence in 21 markets on the continent, grew headline earnings by 8% to R23.8 billion in the six months to end-June. Headline earnings per share grew 10%.

Standard Bank’s board also approved an interim dividend of 817c per share for the half-year, up 10% year on year.

Absa

Absa came in third place, with the share price growing 24.67% since the start of the year.

Absa has seen a 17% rise in headline earnings despite the challenging operating environment globally and in South Africa.

In South Africa, headline earnings increased 19% to R7.9 billion, although pre-provision profit was flat at R17.3 billion. South African revenue grew 3% to R38.3 billion, constituting 68% of Group revenue.

The group expects continued improvements in its retail charge in South Africa, given the already far better early arrears at present. 

These drivers should generate an RoE of roughly 16% in 2026, with the group setting an RoE target range of 16% to 19% from 2027 to 2030. 

FirstRand

FNB and RMB owner FirstRand saw its share price increase by 17.01% since the start of the year.

This means that R1,000 at the start of the year would now be worth R1,170.10.

In a trading statement for the year ended 30 June 2025, the group expects to deliver full-year earnings growth above the long-term stated target range of nominal GDP plus 0% to 3%.

The group now expects to deliver full-year earnings growth of low double digits to mid-teens, above its long-term target and the latest inflation target of 2.8%.

The group’s ROE remains within the stated target range of 18% to 22%.

Additionally, FirstRand has acquired Standard Chartered Zambia PLC’s (SCBZ) Wealth and Retail Banking business portfolio in Zambia via its subsidiary, FNB Zambia. 

FirstRand said that the acquisition aligns with its strategy to scale up its operations in the group’s broader Africa portfolio. 

Investec

In fifth place is the Anglo-South African bank Investec, which saw a 4.63% decrease in its share price.

R1,000 at the start of the year would thus only reach R953.70.

Despite the drop, Investec CEO Fani Titi said the group delivered resilient results in a challenging macro-economic environment characterised by geopolitical uncertainty and ongoing market volatility.

Over the past twelve months, we have returned c.£376 million (c.R9 billion) to shareholders, equivalent to 7.4% of the group’s average market capitalisation, through ordinary dividends and share buybacks.”

The group’s return on equity (ROE) was 13.6% (1H2025: 13.9%), which is at the lower end of the group’s medium-term target range of 13% to 17%. 

The group’s earnings per share are 37.8 pence (R8.50), showing a 6.5% growth in rand terms, with an interim dividend of 17.5 pence per share (R4), which marks a 45% payout ratio. 

Nedbank

Nedbank comes in last place, with its share price declining 6.82% this year. This means that R1,000 at the start of the year would be worth R931.80.

In early December 2025, Nedbank announced a R600 million commercial settlement with Transnet, which will be a once-off expense affecting its 2025 full-year performance. Following this news, the share price initially fell by about 1.5%, but ultimately closed over 1% up the same day.

In August 2025, Nedbank’s share price slumped more than 5% after the bank revised its full-year earnings and return on equity (ROE) guidance downward.

Nedbank said that the local environment in South Africa remained difficult in the second half of 2025.

That said, prospects for the year have improved on several fronts, including subdued inflation, which created space for further interest rate cuts. 

The group said that its ROE for the period will be 15% or higher for FY 2025. 

The group also embarked on a share repurchase this year, with R2.4 billion worth of shares repurchased from shareholders. 

At an average share price of R229.53 per share, the group bought shares at a discount to the book value per share of R245.22.