Half Year 2024 Nedbank Group Ltd Earnings Call Transcript
Key Points
- Diluted headline earnings per share increased by 12%, and ROE improved to 15%.
- Interim dividend increased by 11.5% to ZAR9.71 per share.
- Strong balance sheet with CET1 ratio at 13.3%, above the Board target range.
- Nedbank Wealth's assets under management increased by 5% to ZAR463 billion.
- Successful acquisition of Eqstra to strengthen the fleet management market position.
- Economic activity remained weak due to high interest rates, persistent inflation, and uncertainty ahead of South African national elections.
- Transactional income growth was pressured by high interest rates and persistent inflation.
- Debt service costs remained high, straining consumer finances and slowing household credit growth.
- Commercial property loans and advances grew slower due to election uncertainty and high interest rates.
- Vehicle and asset finance portfolio experienced high loan losses due to lower asset realization values at auctions.
Well, good afternoon, and welcome, everyone, to Nedbank's Group interim results broadcast. It's a great privilege for me to host the group's results for the first time as Chief Executive.
The agenda of our presentation today, as shown on the left. We'll start with me providing an overview of the group's performance in the first half of 2024, a reflection on the operating environment, and the outcomes we achieved on our strategic growth drivers. I'll then hand over to Mfundo, our COO, who will provide an update on the progress we're making on our strategy. And Mark, our CFO, will then follow with an analysis of the group's financial performance, including that of our respective front-line clusters.
I'll then return to close out the presentation with the outlook for the remainder of the year and our medium and long-term targets. Now you'll notice some slides are marked additional info in the top right corner, and these are slides of additional information and insights, which we'll not speak to directly today and which are available
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
