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South Africa's Nedbank annual profit rises on non-interest revenue growth
South Africa's Nedbank Group reported an 8% rise in its full-year headline earnings on Tuesday, 4 March 2025 supported by strong non-interest revenue (NIR) growth, a reduced impairment charge, and strict cost control.
Source: Reuters.
For the year ended 31 December, the bank's headline earnings - a profit measure - grew to R16.9bn ($907.56m) from R15.6bn a year earlier.
The NIR increased by 10% to R30.4bn, driven by strong growth in commission and fees, along with significant increases in trading income and insurance income, the bank said.
Net interest income (NII) - which represents the difference between earnings from loans and what banks pay on deposits - nudged up by 1% to R41.8bn despite slower loan growth and margin pressure.
The group's impairment charge dropped by 17% to R7.9 n, as its credit loss ratio - a measure of bad loans as a percentage of total loans - of 87 basis points improved significantly as macroeconomic factors also showed improvement.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/Related
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