Subscribe to industry newsletters

Search jobs

Nedbank's interim profits jump 26%

Nedbank group said on Wednesday its interim profit increased by more than a quarter, as the economy regained momentum despite challenges.
Source: Reuters.
Source: Reuters.

Headline earnings per share, the main measure of corporate profit in South Africa, came in at 1,370 South African cents ($0.8258) for the six months to June 30, compared with 1,084 cents a year earlier.

The bank announced an interim dividend of 783 cents per share.

South African lenders have rebounded from Covid-19 lows earlier than expected, but are expected to tread a fine line between high local unemployment worsened by rising inflation and a higher interest-rate regime which is a positive for banks.

Nedbank, which posted an 11% jump in revenue, said it expected inflation to peak in the third quarter at around 7.8% and that it was on track to exceed its 2019 profit figures by the end of 2022.



SOURCE

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/
Read more: inflation, Nedbank, COVID-19

Let's do Biz