(MT Newswires) -- Nedbank CEO Mike Brown confirms that the bank has achieved all of its 2023 targets, with net profit up 7% and earnings per share up 15%, despite a challenging operating environment. He cites higher interest rates due to inflation and specific South African challenges (electricity, logistics, crime and corruption). It forecasts GDP growth of 0.5% for 2023 and between 1% and 2% for 2024, and expects interest rates to fall by 75 basis points in the second half of 2024, which could improve consumer confidence and ease debt servicing.

He sees credit losses improving from 121 basis points to 109, but still exceeding the target of 100 basis points. However, Mike Brown expects credit losses to improve in 2024 and to fall below the 100 basis point threshold for the full year.

Nedbank continues to focus on growth in South Africa, with strong investment in technology and renewal of its technology infrastructure, resulting in an increase of over 16% in digital transactions via the mobile app. The bank is also a market leader in the renewable energy sector. It aims to increase its presence in the rest of the African continent through its operations in SADC (Southern African Development Community) and its 20% stake in Ecobank.

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