Aug 08

South African lender Nedbank posts 11% rise in half year profit

South Africa’s Nedbank Group, amongst the top five lenders in the country, recorded an 11% rise in interim profit as it gained from high interest rates, even as its bad loans grew. According to Reuters, for the half year ended June 30, the bank’s headline earnings per share, a profit measure, was at 15.25 rand, up from 13.70 rand posted a year earlier. South African banks – among the continent’s biggest – are generally considered well-capitalised and conservative in lending. But a combination of inflation, high interest rates and regular power cuts are taking a toll.