Nedbank opens the season with lower bad debts and 8% earnings growth
CEO Jason Quinn is confident amid strong first-half performance and better economic prospects
Nedbank opened the big banks’ reporting season on Tuesday, posting earnings growth of 8% to R7.9bn for the six months to end-June. Growth in its loan book and interest income slowed to the low-single-digit level, but the group benefited from lower provisions for bad debt and strong growth in its trading and fee income.
This is the first set of results to be presented by Jason Quinn, a former Absa finance director and acting CEO who was appointed to lead Nedbank after its long-time CEO, Mike Brown, retired in May. Though a couple of Nedbank insiders were said to have been shortlisted for the post, none have left the bank, and Quinn said on Tuesday that the transition had gone well...
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