How much you would have if you invested R1,000 in Absa, Capitec, Standard Bank and more at the start of 2024

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 (23 million actives).

The group’s share price has grown by roughly 35,000% since 2004, with 61.76% growth seen year-to-date in 2024.

This means that the R1,000 invested at the start of the year would now be worth R1,617.60.

This comes off of a strong financial performance, with headline earnings jumping by 36% to R6.4 billion in the six months ended 31 August 2024.

Nedbank

Nedbank comes in second place, with its share price rising 37.80% this year. This means that R1,000 at the start of the year would be worth R1,378.00.

The group’s results have been strong, with the group reporting higher dividends and profits in the first half of 2024.

Recently-appointed Nedbank CEO Jason Quinn said the operating environment was challenging characterised by geopolitical uncertainty, high interest rates, persistent inflation, and fears surrounding the South African elections.

However, Nedbank saw its headline earnings increase by 8% to R7.9 billion.

Standard Bank

Standard Bank, the largest bank by assets under management, came third, with R1,000 at the start of the year now worth R1,100.

In a recent trading update for the first ten months of 2024, the Standard Bank Group said that its underlying operational and financial trends were robust.

The group said that its overall headline earnings grew by low-to-mid single digits in rand terms and by mid-teens on a constant currency basis from the same period in 2023.

“Currency devaluations in various countries in which the group operates on the African continent, together with, more recently, the stronger ZAR, continued to dilute the group’s performance in ZAR,” said the group.

Absa

Absa came in fourth place, with the share price growing 10.62% since the start of the year.

The jump comes despite a challenging period for the group, where its headline earnings per share dropped by 5% to 1,228.4 cents in the first six months of 2024.

Amid the poor performance, CEO Arrie Rautenbach left the group in October to serve a six-month gardening leave before he enters early retirement in April 2025.

Charles Russon, who was CEO of Corporate and Investment Banking, took over as interim CEO.

FirstRand

FNB and RMB owner FirstRand saw its share price increase by 8.03% since the start of the year.

This means that R1,000 at the start of the year would now be worth R1,080.30.

In its most recent financials for the year ended 30 June 2024, FirstRand said that its headline earnings per share also increased by 4% to 679 cents per share.

The group had to raise an R3.0 billion accounting provision for a UK motor commission review, which impacted its results.

Investec

In last place is the Anglo-South African bank Investec, which saw a 3.89% increase in its share price.

R1,000 at the start of the year would thus only reach R1,038.90.

“The group delivered a solid performance in the first half of the 2025 financial year in an evolving environment,” said Investec CEO Fani Titi.

“Adjusted operating profit grew 7.6% to £475 million, demonstrating continued momentum from our differentiated client franchises. We are pleased to report an ROE of 13.9%, which is putting us on track to achieve the Group’s full-year ROE guidance.

“The group has maintained strong capital and liquidity levels, positioning us well to support our clients and pursue disciplined growth in an improving operating environment.”

The group benefitted from higher interest rates in South Africa and the UK.

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