Meaty profits for Nedbank, but a warning against uncertainty around land reform

Nedbank. Picture: Sethembiso Zulu/EWN

(Also read: R1.4 billion divorce from Barclays sees Absa profits fall)

The contribution to Nedbank [by Ecobank] was R134 million…

Mike Brown, Nedbank Group

We haven’t changed any of our lending policies as a consequence of the debate around land expropriation… If a change is made… I still think it will be a sensible change…

Mike Brown, Nedbank Group

Nedbank reported a 26% increase in half-year profit on Tuesday.

The bank’s results were boosted by the recovery of Ecobank, the West African associate of which it owns 20%.

Diluted headline earnings per share came in at 1387 cents in the six months to 30 June, compared to 1098 cents the year before.

Nedbank warned that policy uncertainty around land reform, the mining charter and state-owned enterprises such as Eskom are eroding business and investor confidence.

The Money Show’s Bruce Whitfield interviewed Nedbank Group CEO, Mike Brown.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

We have influence on that [Ecobank] board…

Mike Brown, Nedbank Group

We would much rather have made our investment two years after we did…

Mike Brown, Nedbank Group

Loan growth… has been slightly negative…

Mike Brown, Nedbank Group

I don’t believe we’re heading down the slope of Venezuela and Zimbabwe…

Mike Brown, Nedbank Group

I don’t think the level of interest rates is the problem…

Mike Brown, Nedbank Group

Very aggressive expansion, or contraction, in the banking industry, doesn’t end well…

Mike Brown, Nedbank Group

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