2024 Nedbank Group Interim Results

Nedbank Group produced a strong financial performance in a difficult macroeconomic environment in the first 6 months of 2024. Headline earnings increased by 8% yoy to R7,9bn, underpinned by good non-interest revenue growth, a lower impairment charge and tight cost control. The group’s return on equity improved to 15,0% from 14,2% in the prior period. Diluted headline earnings per share increased by 12%, benefitting from the R5bn capital optimisation programme. Balance sheet metrics all remained very strong, enabling the declaration of an interim dividend of 971 cents per share, up by 11,5%. Strategic delivery continues to show results, and the group has seen good outcomes across various strategic value unlocks, with a renewed focus on enhanced execution in support of ongoing value creation. Presentation by Chief Executive, Jason Quinn and members of his executive team.