Nedbank announces R5bn share buyback and record dividend

The lender plans to repurchase equity from shareholders holding less than 100 ordinary Nedbank shares over the next 12 months

Nedbank has announced a record-high final dividend and a planned share buyback programme of up to R5bn thanks to excess capital on its balance sheet helped by double-digit earnings growth across all its business clusters in 2022.

The bank will roll out the share repurchase programme, which remains subject to regulatory approval, over the next 12 months via an odd-lot offer that will see it repurchase equity from shareholders holding less than 100 ordinary shares. This will reduce administrative costs associated with a large shareholder register while providing a windfall for smaller Nedbank shareholders...

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