Nedbank to report a big boost in earnings
Nedbank Group Ltd. said first-half earnings rose between 23% and 28% from a year ago after Ecobank Transnational Inc., the African lender in which it holds a 20% stake, returned to profit.
Earnings per share excluding one-time items increased to between R13.51 and R14.05 in the six months through June from R10.98 a year earlier, Johannesburg-based Nedbank said in a statement on Thursday. A full results statement will be published on August 7.
The operations of South Africa’s fourth-largest bank “delivered positive earnings growth in line with our expectations,” it said. Lome, Togo-based Ecobank, one of the continent’s most geographically diverse lenders with businesses in 30 countries, expects profit in 2018 to rise 50% after bad-loan charges improved and costs declined.
Loading ...