2024 Nedbank Group Annual Results

The operating environment in 2024 remained challenging, with economic activity relatively weak as evident in SA GDP growth expectations of only 0,5% for the year when compared with 0,7% in 2023. In this context, Nedbank Group delivered an improved financial performance in 2024 as headline earnings increased by 8% to R16,9bn and the group’s ROE strengthened to 15,8%, from 15,1% in the prior period, reflecting steady progress towards its ROE targets. DHEPS increased by 11%, benefiting from the share buy-back we executed in 2023. Balance sheet metrics all remained very strong, enabling the declaration of a final dividend of 1 104 cents per share, up by 8% at a payout ratio of 57%. The presentation also covers the progress made in executing the group's strategy, the strategic developments under a transform agenda, the organisational restructure of RBB and Nedbank Wealth clusters resulting in the creation of Personal and Private Banking (PPB), an individual/non-juristic focused cluster, and Business and Commercial Banking (BCB), a juristic-focused cluster. Presentation by Chief Executive, Jason Quinn, Chief Operating Officer, Mfundo Nkuhlu and CFO, Mike Davis.