Group warns of muted first-half earnings growth as rising interest rates hit its retail banking unit
Nedbank has further lowered its 2023 GDP growth forecast and flagged “muted” first-half earnings growth as higher interest rates take their toll on its consumer-facing retail banking unit.
The bank’s economists now expect SA’s GDP to expand only 0.1% in 2023, down from the 0.2% it mentioned on June 2, the group said in a pre-close update for the first five months of the year issued late on Monday. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.
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