The bank described its first half, ended 30 June 2023, as ‘more challenging than initially forecast’. MoneywebNews Nedbank Results NtandoThukwana
‘Big six’ banking group Nedbank sees the balance of the 2023 year remaining challenging as load shedding, pain from higher interest rates and constraints on economic growth linger, its chief executive Mike Brown said on Tuesday.
Interim results Despite a challenging first half, the bank posted fatter interim profits, but said earnings growth was partly offset by higher impairment charges which surged nearly 60% as higher interest rates put a strain on consumers. The lender was forced to put aside R5.3 billion to cover bad debts in the wake of higher interest rates that have compromised consumers’ spending power and made the cost of repaying debt even more expensive.
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