Nedbank resumes dividends even as it trims SA’s post-riot growth outlook
The group, which had expected 5% GDP growth in 2021, has lowered this to 4.2% due to SA’s third wave and violent riots
SA’s fifth-biggest bank by market value, Nedbank, has resumed dividends, with a R2.2bn interim payout for patient shareholders, but it has lowered its expectations for SA’s 2021 growth by almost one percentage point as country grapples with the fallout from a third wave of Covid-19 and its worst riots in decades.
Nedbank said it had bounced back strongly in the six months to end-June amid low interest rates and robust retail credit demand, but now expects SA to average only 4.2% growth in 2021, having estimated 5% previously. The 4.2% forecast is in line with the Reserve Bank’s revised estimate, given at its July meeting...
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