Nedbank is one of the largest banks in South Africa.
The group released its 1H22 results on 10 August 2022, with the following highlights:
Headline earnings were up 27%, with revenue (+11%) rising more than operating costs (+7%).
Revenue of R30.5 billion beat FactSet consensus expectations of R30.3 billion.
o Net interest income increased 9%, with the margin rising from 3.68% to 3.85%.
o Gross loans and advances grew 7%.
o Non-interest revenue increased 13% to R13.3 billion, boosted by fair value losses in 1H21, which did not recur.
o Expenses increased 7% to R17.5 billion, with staff incentive costs being the main driver.
o Interim dividend increasing 81% to 783 cents per share.
We recommend a hold positioning with an intrinsic value of R237.
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