Nedbank Group Ltd Pre-Close Call Transcript
Got most attendees in, and it is just after 5:30, so we're going to kick off. So this announcement follows the group's voluntary trading update for the first 4 months of the year issued on 27 May 2021 prior to the holding of our AGM the following day, and includes subsequent trends to the end of May as well as expectations of the group's performance for the 6-month period ending June 2021.
Real SAP GDP grew by 4.6% quarter-on-quarter, seasonally adjusted and annualized in Q1. In June, the Nedbank Group economic unit has revised its SA GDP growth forecast for the year from 4.4% to 5% and still expects the SA prime interest rate to remain flat in 2021 before increasing by 100 basis points in 2022.
Well, 5 months to 31 May 2021 still reflect the ongoing impact of a difficult macroeconomic environment on client activity and revenue growth, the group recorded a material reduction in the impairment charge compared to the 5 months through to May 2020, resulting a hit on earnings to May 2021 that are
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