Nedbank hits 11-yr high on earnings

Johannesburg - Shares of Nedbank Group [JSE:NED] are up 1.1% at 161.33 after earlier rising to R164.94 - their highest level since January 2001 - after the bank reported a 25% jump in full-year earnings and a substantial dividend hike.

Nedbank’s results were boosted by a double-digit increase in banking fees and higher income from loans.

The bank also boosted its dividend by 26% to 605c per share, becoming the latest South African financial firm to offer a heavy dividend increase.