JOHANNESBURG (Reuters) – South African lender Nedbank Group said on Tuesday that its 10-month performance reflected headline earnings growth above mid-single digits, driven by a decline in credit impairments and strong non-interest revenue growth.
Without giving figures, Nedbank said profit in the 10 months to Oct. 31 had also been buoyed by good expense management, but this had been partially offset by soft growth in net interest income (NII), the difference between what a bank earns on loans and pays out on deposits.
NII growth was flat to low single digits and below management’s expectations, hit by slower-than-expected growth in interest-earning assets and a decline in the group’s net interest margin, the bank said.
Nedbank said impairments had decreased from the prior period, while non-interest revenue growth was in the early double digits on strong commission and fees growth.
(Reporting by Nqobile Dludla; Editing by Kevin Liffey)
