Nedbank expects 2020 earnings to tumble
However, SA banks have rebounded well considering the economic fallout of Covid-19
05 March 2021 - 19:00
Nedbank, SA’s fourth biggest bank by assets and which counts the Public Investment Corporation (PIC) among its top shareholders, expects full-year profits to slide by up to 60% in the year to end-December 2020, largely reflecting the economic fallout of the Covid-19 pandemic.
However, in an updated trading update on Friday, the bank said its underlying financial performance was in line with the guidance provided late in December, suggesting the worst could be behind it, or at the very least, the situation did not deteriorate since its last update...
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