Nedbank Group expects flat earnings growth for first half 2025

Nedbank Group (JSE:NBNSX) expects flat headline earnings growth for the first half of 2025, aligning with previous guidance, reflecting a difficult South African macroeconomic backdrop. Softening but slowly improving net interest income (NII) growth and reasonable non-interest revenue (NIR) growth were observed. Average gross banking advances growth in Corporate and Investment Banking (CIB) picked up. The group's annualised credit loss ratio (CLR) has improved, and associate income from ETI is estimated at ZAR700m, a 38% increase year-on-year. Expense growth is expected to remain at mid-to-upper single digits for H1 2025. The group’s CET1 capital adequacy ratio remains strong. The organizational restructure is on track for implementation effective 1 July 2025. Nedbank Group's results for the six months ended 30 June 2025 are expected to be released on or about Tuesday, 5 August 2025.