South Africa


  • Service: Audit
  • Industry: Financial Services
  • Type: Benchmarking study
  • Date: 2011/07/26

Financial Services

KPMG's Financial Services practice prides itself in the specialist interest groups structured to cater for the complex requirements of the South African financial services environment.

Focus on Transparency - Financial reporting of European Banks in 2010 

The fifth edition of an annual survey of 15 leading European banks, finds 2010 was a less volatile year than 2009, but with regulatory change cited as one of the most significant challenges facing the banks in 2011, and the sovereign debt crisis adding significant uncertainty, was 2010 the calm between two storms? 
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Key findings:


  • Combined profits hit €85 billion at the leading 15 European banks in 2010, double the previous year’s profits… but major reductions in impairment charges flattered the bottom line.
  • Chairmen and chief executives believe their banks are well placed for recovery, focusing on core businesses and relationships… but accept the need to rebuild trust and confidence while sounding notes of caution over an uncertain future.
  • All 15 European banks have Core Tier 1 capital in excess of the minimum 8% prescribed by Basel 2… but proposed regulatory requirements under Basel 3 will be challenging.


Trevor Hoole
Head of Markets: Financial Services
Tel: +27 (0)11 647 7276