South Africa’s Nedbank half-year profit rises on growth in non-interest income

Nedbank Group, South Africa’s leading financial services provider, has announced strong financial results for the first half of 2023. The bank announced an 8% increase in headline earnings to R7.9 billion ($427.2 million), compared to R7.3 billion in the same period last year. This impressive growth was attributed to a number of factors, including strong non-interest income growth, reduced impairment charges and an effective cost management strategy. Nedbank declared an interim dividend of 971 cents per share, a significant increase of 11.5% on the previous year. These results, which cover the six months to June 30, 2023, demonstrate Nedbank’s resilience and ability to thrive in challenging economic conditions.

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