Nedbank posts 10% rise in headline earnings despite increase in bad loans.
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GUEST – Mfundo Nkuhlu - Nedbank chief operating officer
Nedbank’s headline earnings increased by 10% in the first half of this year. However, this was partially offset by increases in the bank’s retail impairments. Nedbank released its interim financial results for the six months ended 30 June 2023 today, which revealed strong earnings growth. The bank saw the following year-on-year changes in its earnings in the period:
· Headline earnings – increased by 10%
· Headline earnings per share – increased by 11%
· Basic earnings per share – increased by 8%
Nedbank said its earnings growth was underpinned by strong revenue growth, including associate income of 14% and good expense management, enabling pre-provisioning operating profit (PPOP) growth of 22%. The company also saw a 9% increase in its profit for the period compared to the previous year, growing from R7.41 billion in H1 2022 to R8.10 billion.
Nedbank’s headline earnings increased by 10% in the first half of this year. However, this was partially offset by increases in the bank’s retail impairments. Nedbank released its interim financial results for the six months ended 30 June 2023 today, which revealed strong earnings growth. The bank saw the following year-on-year changes in its earnings in the period:
· Headline earnings – increased by 10%
· Headline earnings per share – increased by 11%
· Basic earnings per share – increased by 8%
Nedbank said its earnings growth was underpinned by strong revenue growth, including associate income of 14% and good expense management, enabling pre-provisioning operating profit (PPOP) growth of 22%. The company also saw a 9% increase in its profit for the period compared to the previous year, growing from R7.41 billion in H1 2022 to R8.10 billion.
