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SA banking confidence soars

Johannesburg - SA's banking confidence has recovered significantly after a weak first quarter, a survey released on Tuesday by Ernst & Young indicates.

This is largely on the back of the retail segment of the banking sector that experienced a significant turnaround in prospects.

Banking confidence rose from a weak 38 index points in the first quarter of 2011 to 58 in the second quarter.

The research was conducted by the Bureau for Economic Research in Stellenbosch.

"Retail banking confidence recovered after a particularly weak first quarter. Whilst the level of confidence remains considerably below long-term levels, latest indications are that prospects for the banking sector are looking stronger than they were in the previous quarters," said Emilio Pera, lead banking & capital markets director at Ernst & Young.

Driving the positive sentiment, Pera said, "are the improving financial circumstances of the household sector".

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