Nedbank tunes up the green machine
Nedbank’s priority is to allocate capital for growth on the back of attractive sectors and potentially stronger GDP growth
15 August 2024 - 05:00
Nedbank Group is the first of the big banks to report results for the period to June. It was a difficult maiden period for CEO Jason Quinn. Like Nedbank chair Daniel Mminele, Quinn is a refugee from archrival Absa, and no doubt quite pleased not to be engulfed in its current controversies.
A flat economy didn’t provide much help to the results. The growth in both advances — as bankers call the loans they make to their clients — at 4% to R913bn and deposits at 3% to R1.12-trillion were below inflation. ..
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