An Ecobank branch in Bangui, Central African Republic. Picture: GETTY IMAGES
“In 2018, Nedbank Group seamlessly concluded the process of managed separation from Old Mutual and delivered a resilient financial performance, boosted by the ongoing turnaround in our share of associate income from ETI,” said CEO Mike Brown. However, impairments increased 11.6% to R3.7bn, and the group’s credit loss ratio rose four basis points to 0.53% as advances in the retail and business banking unit grew faster than advances from the corporate and investment banking cluster.
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