Nedbank pays out hefty dividend after profit almost triples
The bank says SA’s economy bounced back faster than expected from the low base of 2020, but structural reforms are urgently needed
09 March 2022 - 09:24
UPDATED 09 March 2022 - 14:05
Nedbank resumed paying dividends after its annual profit almost tripled, thanks to lower impairments, a recovery in its non-interest revenue growth and a strong focus on lowering costs by reducing headcount and streamlining its physical presence.
The bank, which has been largely unbundled from Old Mutual, said profit surged more than 178% to R12.39bn in the year to end-December 2021, up from a restated R4.45bn the previous year. Basic earnings per share saw a more than threefold increase to 2,317c a share, up from 717c in the previous fiscal year...
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