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South African News and Market Update: NEDBANK GROUP LIMITED –

Nedbank Group's financial results for 2021 reflect a strong recovery from a low base in 2020. Total income (HE) increased 115% to R11.7 billion in 2021, but is still 7% below 2019 levels. HE Growth was driven by significantly lower impairments, a higher net interest margin, a recovery in NIR growth, disciplined cost management and stronger financial performance from our investment in ETI. Key drivers of shareholder value creation were also positive, with net asset value per share up 11%, ROE improving to 12.5% (2020: 6.2%) and full year dividends of 1,191 cents per share at 2.02 times cover. Read more.