Nedbank said yesterday that it had produced a strong performance for the first quarter, underpinned by the return to profitability by its subsidiary. The news lifted Nedbank’s share price 5.4percent to R315.82 a share, the highest level since at least May 1997, according to data. The share closed at R307 on the JSE yesterday. Nedbank’s share price has risen more than 42percent in the past six months.
Nedbank expected ETI to continue with its progress by reporting R240million in its half year results compared to R1.06billion reported in the half-year results in 2017.
Nedbank owns an around 16percent stake in the leading pan-African bank, with operations in 36 countries across the continent.
While business and consumer confidence levels had improved, the beneficial impact thereof in the group's performance to date had largely been limited to improved trading and market-related activities. “Credit demand and transactional activity has remained subdued, but an improvement is expected from the second half of 2018,” it said.