South African Banks.... benefiting from certain earnings in uncertain times

South African banks have managed to avoid the financial crisis occurring in the rest of the world over the last two years, and as a result have managed to outperform our local market as well as significantly outperforming other global banking stocks. While we believe that banks are unlikely to show much earnings growth in 2008 or 2009, in an environment of significant earnings downgrades this might just be enough to continue their relative earnings outperformance.

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