Nedbank says it's looking to originate loans and carve out some additional market share, believing that SA has likely reached the top of the interest rate cycle, and may be in store for a full percentage point of cuts in 2024. | KGbdl News24_Business
Nedbank wants to grant more loans to gain additional market share in coming months as it forecasts a full percentage point of cuts to the repo rate in 2024.
The bank, SA's fifth biggest by market value, and which is valued at about R111 billion on the JSE, reported a 10% rise in headline earnings to R7.33 billion in the six months to end-June, with net-interest income jumping 18% to R20 billion, supported by a 9% growth to R978 billion in its average interest-earning assets, such as loans.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month.
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