{"id":50985,"date":"2023-08-09T17:35:10","date_gmt":"2023-08-09T17:35:10","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs"},"modified":"2023-08-09T17:47:54","modified_gmt":"2023-08-09T17:47:54","slug":"nedbank-fares-well-amid-wild-write-offs","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs","title":{"rendered":"Nedbank fares well, amid wild write-offs"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Nedbank Group Limited\u2019s over 7 million banking clients have earned the group N$8,1 billion in profit during the first six months of 2023 and shareholders will get 57% of that.<\/b><\/p>\n

This translates to N$8,71 per share, up 11% from the previous interim dividend, and will be the 66th dividend the group will pay since listing on the Namibian Stock Exchange.<\/p>\n

The interim financial results for the period ended 30 June were released yesterday, with the group\u2019s chief executive Mike Brown crying foul over a difficult operating environment, especially in South Africa where the group predominantly operates.<\/p>\n

Nedbank\u2019s operations stretch over Namibia, Zimbabwe, Mozambique, Lesotho, Eswatini and the Isle of Man.<\/p>\n

Brown, who has announced he is stepping down, said although all indicators show that the group is faring well \u2013 with an interim increase of 10% in headline earnings, strong liquidity, a return on equity of 14,2% and a growing client list \u2013 the environment makes medium-term targets to 2025 more difficult to achieve.<\/p>\n

\u201cThe 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,\u201d he said.<\/p>\n

It is this rough environment that saw the group increasing the impairment allowance by 57%, mainly in South Africa, and a slightly lower at 12% in Namibia. The average impairment tick for non-SA markets is around 20%.<\/p>\n

According to the group, the in-house economic unit currently forecasts SA\u2019s gross domestic product (GDP) to increase by only 0,3% this year and interest rates to remain at elevated levels, with the repo rate at 8,25% and the prime lending rate at 11,75% for the remainder of the year.<\/p>\n

The link between South Africa and Namibia would suggest that this will be the same for Namibia, especially around interest rates.<\/p>\n

Asked whether at this rate the green bank would also most likely see an increase in non-performing loans and further impairment, Terence Sibiya, the group\u2019s managing executive for Africa regions, said all indicators are pointing towards stability.<\/p>\n

Sibiya said to counter this, the bank-dominated financial services company will edge up on its collection efforts, while also pushing the creation of quality credit.<\/p>\n

At group level, loans and advances sit at N$900 billion plus, against a N$1 trillion depositors balance.<\/p>\n

The group, which will celebrate its 135th anniversary this month and 50th anniversary in the Namibian market, said among its interim notable achievements is the launching of the bespoke solar finance offering. Nedbank Namibia\u2019s managing director Martha Murorua said this finance offering was fairing well, with more growth in uptake expected as customer education continues.<\/p>\n

In the past months, Nedbank Namibia poached renowned small and medium enterprises (SME) banker Sem Ikela from FNB Namibia, which Murorua said was a good installation for the bank to gain access to small businesses that have been for sometime neglected.<\/p>\n

Nedbank Namibia is expected to release its interim financial accounts sometime next month, as they are pending board approval.<\/p>\n

Murorua, however, said preliminary numbers show steady growth of net interest income, as well as expenses growth below inflation.<\/p>\n

At the group level, a presentation to analysts shows that the Nedbank Group plans not to give out new finance to oil production by 2035.<\/p>\n

Sibiya and Murorua, however, said although Nedbank will not exactly fund exploration and production, it will still extend financing to other parts of the value chain and will not necessarily stop all funding to the oil and gas sector.<\/p>\n

Going ahead, Nedbank said it expects the economic environment in South Africa and, to a smaller extent, the region to remain challenging, particularly given the high levels of electricity shortages and increased levels of pressure on consumers\u2019 disposable income, due to high inflation and interest rates.<\/p>\n

\u201cTo support our clients during these challenging times, we offer clients tailored payment plans to help address their temporary financial distress and provide restructures and debt consolidation options that reduce monthly debt payments to help clients deal with the increase in interest rates and keep them in their homes and in their vehicles,\u201d read management commentary.<\/p>\n

The group must still also appoint a new chief executive, a process Sibiya said is well underway and further updates will be provided early next year.<\/p>\n

Brown will continue in his current role until a successor has been chosen and a suitable handover process has been completed.<\/p>\n

As of 30 June, the Nedbank Group had a N$1,3 trillion balance sheet, and the full set of the interim financial statements is available on the website.<\/p>\n

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

Africa-Press – Namibia. The Nedbank Group Limited\u2019s over 7 million banking clients have earned the group N$8,1 billion in profit during the first six months of 2023 and shareholders will get 57% of that. This translates to N$8,71 per share, up 11% from the previous interim dividend, and will be the 66th dividend the group […]<\/p>\n","protected":false},"author":84,"featured_media":50984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-50985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNedbank fares well, amid wild write-offs - Namibia<\/title>\n<meta name=\"description\" content=\"The Nedbank Group Limited\u2019s over 7 million banking clients have earned the group N$8,1 billion in profit during the f ...\" \/>\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\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nedbank fares well, amid wild write-offs\" \/>\n<meta property=\"og:description\" content=\"The Nedbank Group Limited\u2019s over 7 million banking clients have earned the group N$8,1 billion in profit during the f ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-09T17:35:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-09T17:47:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/08\/sm_1691590615.948416.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"364\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nedbank fares well, amid wild write-offs\",\"datePublished\":\"2023-08-09T17:35:10+00:00\",\"dateModified\":\"2023-08-09T17:47:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs\"},\"wordCount\":763,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/08\/sm_1691590615.948416.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/nedbank-fares-well-amid-wild-write-offs\",\"name\":\"Nedbank fares well, amid wild write-offs - 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