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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.
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