Nedbank Group delivered a strong financial performance for the 12 months to 31 December 2023 compared with the 12-month prior period as headline earnings (HE) increased 11% to R15,7bn.
In a difficult economic environment, this growth in HE was enabled by a strong operational performance as pre-provisioning operating profit increased by 15%, underpinned by 12% revenue growth including associate income and prudent expense management, partially offset by a 30% increase in the impairment charge, which reduced from the 57% increase in this charge reported in H1 2023.
As a result, the group’s credit loss ratio (CLR) improved from 121 bps (H1 2023) to 96 bps (H2 2023) and therefore 109 bps for the full year.