Nedbank's income rises

According to Nedbank Group, its first-quarter net interest income has expanded at least 10%; boosted, the entity says, by the country’s highest interest rates in six years. According to Mike Brown, Nedbank CEO, performance was in line with management’s expectations for the first three months of the year.

According to Nedbank, the net interest margin for the period ending March widened from December's 3.3%, while the credit loss ratio increased but remained within Nedbank's target range of 60 to 100 basis points. Nedbank's first-quarter results include a loss in associate income of R676 million, after accounting for its 20% share of Togo's Ecobank Transnational's fourth-quarter loss.

Nedbank added that it is currently working with parent company Old Mutual on the UK insurer's plan to spin off its four operating units, including the lender.

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