Nedbank reports strong earnings growth – lifts interim dividend

The group delivered revenue growth of 11% to R30.5 billion, while headline earnings increased by 27% to R6.7 billion. Return on equity increased to 13.6%, up from 11.7% a year ago.

“During the past six months we continued to make good progress on our strategic value drivers of growth, productivity, and risk and capital management,” said Mike Brown, Nedbank chief executive. “Growth trends across net interest income , non- Brown said that the group’s Managed Evolution technology strategy has reached 89% completion of the IT build, enabling continued double-digit growth in digital metrics.

“Looking forward, we currently expect SA’s GDP to increase by 1,8% in 2022; interest rates to increase by a further 75 bps, taking the repo rate to 6,25%; and the prime lending rate to 9,75% by the end of the year,” said Brown.

Source: News Formal (newsformal.com)

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