JOHANNESBURG - Banking group Nedbank on Tuesday reported a 3.5 percent increase to R14.35 in headline earnings per share for the six months ended June 30, while revenue climbed 5.5 percent to R27.693 billion.
Nedbank declared an interim dividend per share of 720 cents, up 3.6 percent from last year.
The bank said the South African economy had performed worse than expected in the first six months of 2019 and cut its forecast for GDP growth to 0.5 percent from 1.3 percent.
"Significantly more urgency is required with the implementation of structural reforms to stem the economic and fiscal deterioration currently being experienced in the SA economy," chief executive Mike Brown said.
"If we are unable to do this, all the hard work done on maintaining our last investment grade rating from Moody’s will be in vain, at great cost to all South Africans as a result of higher inflation and higher interest rates, as well as lower growth and lower levels of employment than would otherwise have been the case."