The group has raised its impairments as it braces for the economic fallout from Covid-19
Banking group Nedbank’s first-half profits have fallen sharply as it braces for rising unemployment in the wake of an expected more than 40% contraction in GDP in the second quarter.
Headline earnings fell 69% to R2.1bn in the six months to end-June, with the group’s impairment charge increasing by 202% to R7.67bn, driven by expectations of rising job losses and a deteriorating economy.
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