Nedbank’s profits slump as it forecasts 40% drop in second-quarter GDP
The group has raised its impairments as it braces for the economic fallout from Covid-19
26 August 2020 - 07:49
Banking group Nedbank’s first-half profits have fallen sharply as it braces for rising unemployment in the wake of an expected more than 40% contraction in GDP in the second quarter.
The group expects SA’s economy to contract by 7% in 2020, with the second quarter the most affected by the pandemic due to stringent lockdown regulations. It warned that Covid-19 had escalated from an economic crisis into a social one...
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