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Nedbank first-half earnings jump as Ecobank returns to profit

Jul 26 2018 11:55
Vernon Wessels

Nedbank Group said first-half earnings rose between 23% and 28% from a year ago after Ecobank Transnational, the African lender in which it holds a 20% stake, returned to profit.

Earnings per share excluding one-time items increased to between R13.51 and R14.05 in the six months through June from R10.98 a year earlier, Johannesburg-based Nedbank said in a statement on Thursday.

A full results statement will be published on August 7.

The operations of South Africa's fourth-largest bank "delivered positive earnings growth in line with our expectations," it said.

Lome, Togo-based Ecobank, one of the continent’s most geographically diverse lenders with businesses in 30 countries, expects profit in 2018 to rise 50% after bad-loan charges improved and costs declined. 

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nedbank  |  ecobank
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