{"id":31599,"date":"2023-08-10T06:19:57","date_gmt":"2023-08-10T06:19:57","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/?p=31599"},"modified":"2023-08-10T05:58:49","modified_gmt":"2023-08-10T05:58:49","slug":"nedbank-group-dividend-up-11-e4-25bn-payout","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout","title":{"rendered":"NEDBANK GROUP DIVIDEND UP 11%, E4.25BN PAYOUT"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>The Nedbank Group has reported a strong increase in interim profit as it benefits from a larger customer base and elevated interest rates.<\/b><\/p>\n

It is worth noting that these financials are for the entire Nedbank Group which includes Nedbank Eswatini. Nedbank Eswatini Managing Director (MD) Fikile Nkosi emphasised that the local bank\u2019s specific financials will be provided in the next month as they still needed to be approved by the requisite regulatory bodies prior to publication. In a virtual press conference held at the Nedbank Head Offices yesterday, Nedbank Africa Regions (NAR) Managing Executive Dr. Terence Sibiya said headline earnings rose 10 per cent to E7.7 billion in the six months ended June, with the company upping its dividend by 11 per cent to E8.71 – a E4.25 billion payout. \u201cI am incredibly pleased that the NAR cluster delivered a stellar performance achieved because of improved performances from the SADC operations and strong earnings from our Ecobank Transnational Incorporated (ETI) associate investment and the release of the R175m Ghana domestic sovereign bond provision we took in 2022,\u201d said Dr. Sibiya.<\/p>\n

Nedbank\u2019s retail and business banking segment recorded 11 per cent growth in main-banked clients to 3.36 million. Banks usually benefit from the positive effect of higher interest rates on loan repayments, which boost net interest margins. Their massive cash balances earn higher interest. Nedbank also reported that customers took advantage of higher rates and deposited more cash. The bank, valued at about R111 billion on the JSE, saw net-interest income jump 18 per cent to E20 billion, supported by a nine per cent growth to E978 billion in its average interest-earning assets, such as loans.<\/p>\n

Deposits<\/b><\/p>\n

Deposits also increased eight per cent to E1.1 trillion, with the group reporting many clients transferred short-term deposits into longer-term deposits due to higher rates. Non-interest revenue increased seven per cent to E13.4 billion, underpinned by solid growth in both commission and fees, and insurance income. The group also reported more strain on its customers. Its impairment charge increased by 57 per cent to R5.3 billion and its credit-loss ratio climbed to 121 basis points from 85, above its through-the-cycle target range of 60 to 100. The group expects the second half of the year to remain \u2018very challenging\u2019, and will be supporting clients, for example, by offering tailored repayment plans to assist them through financial distress. The operating environment in the first half was much more challenging than initially forecast.<\/p>\n

Nedbank Chief Executive (CE) Mike Brown said in a statement: \u201cIn addition to a weak global economy and lower commodity prices, domestic economic activity continued to be negatively impacted by very high levels of load-shedding, logistical constraints, higher-than-expected levels of inflation and as a result higher-than-expected increases in interest rates.<\/p>\n

\u201cWhile progress is being made in improving outcomes on the key issues of energy security, transport and logistics, and crime and corruption, this progress is slow and when coupled with the potentially severe economic consequences of the US reaction to SA\u2019s allegedly compromising its non-aligned stance in relation to the Russia – Ukraine conflict, has added further to SA\u2019s country risk premium, increasing bond yields and resulting in a deterioration in the value of the rand against foreign currencies.\u201d<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. The Nedbank Group has reported a strong increase in interim profit as it benefits from a larger customer base and elevated interest rates. It is worth noting that these financials are for the entire Nedbank Group which includes Nedbank Eswatini. Nedbank Eswatini Managing Director (MD) Fikile Nkosi emphasised that the local bank\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":31598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234,248,249],"class_list":["post-31599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nNEDBANK GROUP DIVIDEND UP 11%, E4.25BN PAYOUT - Eswatini<\/title>\n<meta name=\"description\" content=\"The Nedbank Group has reported a strong increase in interim profit as it benefits from a larger customer base and ele ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEDBANK GROUP DIVIDEND UP 11%, E4.25BN PAYOUT\" \/>\n<meta property=\"og:description\" content=\"The Nedbank Group has reported a strong increase in interim profit as it benefits from a larger customer base and ele ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-10T06:19:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/08\/sm_1691630732.337793.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"934\" \/>\n\t<meta property=\"og:image:height\" content=\"340\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NEDBANK GROUP DIVIDEND UP 11%, E4.25BN PAYOUT\",\"datePublished\":\"2023-08-10T06:19:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout\"},\"wordCount\":549,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/08\/sm_1691630732.337793.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/nedbank-group-dividend-up-11-e4-25bn-payout\",\"name\":\"NEDBANK GROUP DIVIDEND UP 11%, E4.25BN PAYOUT - 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