Nedbank profits down 3.7%

Our South African businesses grew by about 7%.

Mike Brown, Nedbank

If we don’t get a local currency downgrade we expect 100 basis points in interest rate cuts in this cycle.

Mike Brown, Nedbank

Nedbank reported a 3.7% drop in profits for the first half of 2017.

The bank was hammered by poor performance of the West African Ecobank, of which it owns roughly 16%.

The Money Show’s Bruce Whitfield interviewed Nedbank Group CEO Mike Brown.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Our investment in ETI continues to underperform.

Mike Brown, Nedbank

We didn’t anticipate the collapse in the oil price and Nigeria going into a recession.

Mike Brown, Nedbank

Investments in the African continent are long-term.

Mike Brown, Nedbank

The IMF projects growth of about 3% in Nigeria. At that rate of growth you’ll find our investment in ETI performing well.

Mike Brown, Nedbank

We project the South African economy to grow by 0.6% in 2017.

Mike Brown, Nedbank

We are the only bank where you can do a mortgage application online.

Mike Brown, Nedbank

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This article first appeared on 702 : Nedbank profits down 3.7%


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