Nedbank’s earnings increase by 11%

JOHANNESBURG - Thanks to higher interest rates, Nedbank reported an 11 percent increase in annual earnings to just under R16-billion.

The bank says growth was also supported by a strong operational performance and cost-cutting. 

But, these gains were partially offset by a 30 percent increase in impairments. 

Despite the tough trading conditions and consumers under strain, the company was able to achieve all post-Covid targets it set itself in March 2021.