Ecobank losses undermine a strong first half for Nedbank
A STRONG performance in Nedbank’s domestic operations was offset by its share of losses in Ecobank during the six months to end-June.If the Ecobank loss was excluded, Nedbank’s interim diluted headline earnings per share growth was 19.7%, the banking group reported on Monday morning.After accounting for Ecobank, diluted headline earnings per share growth was 1.6%, taking it to R11.19 per share, Nedbank said in its results statement.Nedbank raised its interim dividend by 6.1% to R5.70 per share.In contrast to Barclays Africa, which on Friday reported a sharp increase in impairments, Nedbank said its impairments declined 4.2% to R2.2bn and its credit loss ratio improved to 0.67% from the matching period’s 0.77%.The group’s net interest income grew 11.6% to R13bn and its noninterest revenue rose 8.7% to R11.4bn.Nedbank segments its headline earnings into four divisions.Its biggest headline earnings contributor, corporate investment banking, showed the biggest growth, rising 20.9% to R3...
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