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Johannesburg - Nedbank [JSE:NED] posted an 8.4% rise in loan income for the first three quarters of the year after writing more loans to companies, the bank said on Monday.
Nedbank, which earlier this month took a 20% stake in pan-African lender Ecobank to expand its continental reach, said earnings from loans rose to R17bn.
READ: Nedbank to take Ecobank stake for R5.54bn
The bank, which is majority owned by London-listed insurer Old Mutual [JSE:OML], increased total advances by nearly 7% to R608.7bn in the nine months to end-September.
Its non-interest revenue, or income from transaction activity, insurance and trading, increased at a slower 2.4% to R14.5bn.
Nedbank said its credit loss ratio, which measures bad debt costs as a proportion of total loans, improved to 0.77% from 1.15% a year ago partly as a result of the bank reducing its exposure to unsecured lending.
READ: Regulators 'should have foreseen Abil woes'
South Africa's fourth-biggest lender had to step in August after the collapse of unsecured lender African Bank, whose implosion under a mountain of defaulted loans sent ripples through the financial sector.
Nedbank shares are up more than 5% this year, but are lagging an 11% on the Johannesburg Stock Exchange.
Nedbank, which earlier this month took a 20% stake in pan-African lender Ecobank to expand its continental reach, said earnings from loans rose to R17bn.
READ: Nedbank to take Ecobank stake for R5.54bn
The bank, which is majority owned by London-listed insurer Old Mutual [JSE:OML], increased total advances by nearly 7% to R608.7bn in the nine months to end-September.
Its non-interest revenue, or income from transaction activity, insurance and trading, increased at a slower 2.4% to R14.5bn.
Nedbank said its credit loss ratio, which measures bad debt costs as a proportion of total loans, improved to 0.77% from 1.15% a year ago partly as a result of the bank reducing its exposure to unsecured lending.
READ: Regulators 'should have foreseen Abil woes'
South Africa's fourth-biggest lender had to step in August after the collapse of unsecured lender African Bank, whose implosion under a mountain of defaulted loans sent ripples through the financial sector.
Nedbank shares are up more than 5% this year, but are lagging an 11% on the Johannesburg Stock Exchange.
