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Nedbank’s Foresight Cushions Effect Of Tough Market Conditions

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IMAGE: Mike Brown, Nedbank CEO »


In the nine months to September this year, the performance of Nedbank, the JSE-listed lender, continued to reflect actions the firm had taken in expectation of tough economic conditions, CEO Mike Brown, said.

“We are focused on the drivers of long term value creation for our shareholders as we build our transactional banking franchise and our pan-African banking network,” Brown said in a trading update on Monday.

“Through the 20 percent shareholding in Ecobank Transnational Incorporated (ETI), we have strengthened our strategic alliance with ETI and therefore our ability to provide banking service support for our clients across 39 countries in West and Central Africa,” Brown added.

According to Brown, economic growth in the rest of Africa is quicker than South Africa and Nedbank’s investment in Ecobank proffers the shareholders of the lender the right of entry to earnings in these higher economic growth markets.

“Our balance sheet metrics remain strong and our ability to generate earnings and capital should continue to support our progressive dividend policy,” Brown said, adding the lender remained well-positioned to meet its full-year guidance for growth.

Net interest income for the nine months ended 30 September this year grew by 8.4 percent to R17,043 million ($1.5 million) from R15,725 million ($1.4 million) boosted by average interest-earning banking assets growth of 9.9 percent, the lender, which is South Africa’s fourth biggest bank listed on the JSE.

Article Credit: Ventures-africa

Updated 4 Years ago

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Tags:     Nedbank     Mike Brown     Ecobank Transnational Incorporated