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Johannesburg - Nedbank [JSE:NED] reported an 8.7% jump in net interest income in the first quarter, after a lending push grew total advances by nearly 15%.
South Africa's fourth-largest bank by market value said net interest income - the difference between interest received on loans and paid out on deposits - was R5.57bn, while non-interest revenue was up 2.7% to R4.5bn.
Nedbank said its credit loss ratio - the proportion of bad debt costs to total loans - improved to 0.89% from 1.22% a year ago. Total advances were up 14.9% to R601bn, while deposits increased nearly 10% to R618bn.
Nedbank is expected to exercise its right to take up a 20% stake in pan-African lender Ecobank Transnational by November 25 after lending the Togo-based bank $285m.
The whole deal could cost Nedbank between $450-$500m, CEO Mike Brown said, or about 0.7% of tier 1 common equity.
Nedbank shares were down 0.25% to R236.61 at 08:34 GMT, but have gained nearly 13% so far this year, the second-best performing bank after Barclays Africa Group that has risen 17%.
- Fin24
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South Africa's fourth-largest bank by market value said net interest income - the difference between interest received on loans and paid out on deposits - was R5.57bn, while non-interest revenue was up 2.7% to R4.5bn.
Nedbank said its credit loss ratio - the proportion of bad debt costs to total loans - improved to 0.89% from 1.22% a year ago. Total advances were up 14.9% to R601bn, while deposits increased nearly 10% to R618bn.
Nedbank is expected to exercise its right to take up a 20% stake in pan-African lender Ecobank Transnational by November 25 after lending the Togo-based bank $285m.
The whole deal could cost Nedbank between $450-$500m, CEO Mike Brown said, or about 0.7% of tier 1 common equity.
Nedbank shares were down 0.25% to R236.61 at 08:34 GMT, but have gained nearly 13% so far this year, the second-best performing bank after Barclays Africa Group that has risen 17%.
- Fin24
Help us help you by taking our second annual Debt survey and you could win R3 000, or add your voice by sharing your debt experiences, debt-busting tips and insights. Have a question? Ask our experts.
