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Investment Idea: Nedbank - 11 September 2024
Manage episode 439361582 series 3581049
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On 6 August 2024, Nedbank released its 1H24 results which were characterised by:
- Headline earnings increased 8% driven by non-interest revenue growth and lower impairments. However, total comprehensive income (which includes other comprehensive income) for the period declined by 26% as the share of losses in other comprehensive income from investments using the equity method (Ecobank investment) increased from R348 million to R1 117 million.
- Net interest income increased 2% driven by daily average interest-earning banking assets increasing 3%. The net interest margin decreased from 418 basis points to 413 basis points driven by pricing.
- Non-interest revenue increased by 7% driven by net commission and fee income increasing by 8% and net trading income increasing by 14%.
- Expenses increased by 8% due to staff costs increasing 8% due to 5% average annual increases and more expensive mix of employees.
The opinions expressed in these podcasts are the opinions of the series and not necessarily those of PSG. The information in these podcasts is provided as general information. It does not constitute financial, tax, legal or investment advice and PSG Financial Services does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed. PSG Wealth Financial Planning (Pty) Ltd is an authorised financial services provider. FSP 728.
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