South African bank prudential capital ratios have been quite stable over the last three years. Detailed data describing capital buffers are not published by the regulator in South Africa, but our proxies suggest that excess capital buffers held by banks began to decline in 2023. These ratios were generally near historical highs before turning down, so they do not necessarily imply an increase in banking system vulnerability to market instability. But this could be a signal that banks may become more risk-averse and more likely to reduce their lending activities.