Johannesburg - Nedbank Group Ltd., the South Africa bank controlled by Old Mutual Plc, said income in the first nine months gained as customers boosted lending.
Net interest income rose 8.3 percent to 15.72 billion rand ($1.6 billion) from 14.52 billion rand a year earlier, the Johannesburg-based bank said today in a statement.
Non-interest revenue climbed 14 percent to 14.2 billion, while total loan advances rose 9.7 percent to 566 billion rand.
The credit-loss ratio fell to 1.15 percent from 1.31 percent in June.
“Proactive credit risk management strategies contributed to an improvement in the credit-loss ratio,” Mike Brown, chief executive office of Nedbank, said in the statement.
Nedbank, South Africa’s fourth-largest lender by assets, is seeking to attract low-income earners with more affordable banking products.
It’s winning a bigger share of South Africa’s consumer market, with client numbers gaining 10 percent in the first half to 6.4 million.
Nedbank gained 12 percent this year, beating the average 7.2 percent increase on the six-member FTSE/JSE Africa Banks Index. - Bloomberg News