South Africa’s major banks delivered a strong financial performance in 2021, with the operating environment in the period more familiar, professional services firm PwC’s ‘Major bank Analysis’ finds. Combined headline earnings of R86.8-billion increased by 99% against the previous year, while the combined return on equity (ROE) was 15.9%, net interest margin 408 basis points, credit loss ratio was 74 basis points and the cost-to-income ratio was 55.8%.