South Africa's Nedbank Group , amongst the top five lenders in the country, recorded an 11% rise in interim profit as it gained from high interest rates, even as its bad loans grew.
Customers perform transactions on Nedbank automated teller machine at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko, amongst the top five lenders in the country, recorded an 11% rise in interim profit as it gained from high interest rates, even as its bad loans grew.
For the half year ended June 30, the bank's headline earnings per share, a profit measure, was at 15.25 rand , up from 13.70 rand posted a year earlier. South African banks - among the continent's biggest - are generally considered well-capitalised and conservative in lending. But a combination of inflation, high interest rates and regular power cuts are taking a toll.
Nedbank's credit loss ratio - a measure of bad loans as a percentage of total loans - was at 121 basis points , higher than 85 bps it posted a year earlier and beyond its target range of 80 bps to 100 bps.
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