Nedbank’s headline profit declined by almost 57% to R5.4 billion in the past year. In the first six months of the year, its profit was down more than 69%.
The bank said that it assisted clients with cashflow relief of more than R120bn of loans during “peak Covid stress”. “Pleasingly clients have been able to reduce this level of support to R28bn, with only R2bn remaining in retail.”
Like Absa, Nedbank has not declared a dividend, expecting to resume payments by mid-year. It also expects to grow headline profit by more than 20% in the six months to June 2021.
Business Insider SA