Nedbank on Tuesday reported a 26% rise in profit for the half year ended June 2018, in what the bank described as a “strong performance in a domestic macroeconomic environment that remained challenging and volatile”.<\/p>\n
Headline earnings increased 27% to R6.7 billion, boosted by associate income from Ecobank Transnational Incorporated’s ETI’s returning to profitability, while the group’s managed
\noperations delivered positive, but slower, earnings growth from a high base, it said.<\/p>\n
This translated into an increase in diluted headline earnings per share and headline earnings per share of 26.3% to R13.61 and R13.87 respectively, in line with the 23% to 28% range set out in the trading statement released on 26 July 2018.<\/p>\n
Total assets for the group exceeded the R1 trillion mark for the first time, while ROE (excluding goodwill) improved to 18.4%.<\/p>\n
On the back of strong earnings growth and a strong capital position an interim dividend of R6.95 was declared, an increase of 13.9%, Nedbank said.<\/p>\n
“Nedbank continues to make good progress in delivering market-leading client value propositions and digital innovations. This focus has enabled us to increase our total client base to over eight million for the first time, grow revenues and unlock operating efficiencies,” said chief executive, Mike Brown.<\/p>\n
“In the second half of 2018 we look forward to the launch of more exciting innovations for clients. Our strategic enablers, including ongoing technology investments, our people, our culture and our brand, are creating a more client-focused, agile, competitive and digital Nedbank.”<\/p>\n