UPDATE 2-Nedbank's profit drops as S.African economy worsens, pushing up defaults [Reuters]
NEDBANK GROUP LTD S/ADR (NDBKY)
NASDAQ:AMEX Investor Relations:
nedbank.co.za/content/nedbank/desktop/gt/en/aboutus/investor-center/latest-financial-results.html
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Source: Reuters
UPDATE 2-Nedbank's profit drops as S.African economy worsens, pushing up defaults * Nedbank shares fall over 2% on FY results * Profits drop 7%, bank cuts mid-term ROE target * Bank says worsening economy has pushed defaults up, credit demand down * Lender increases stake in Mozambique’s Banco Unico (Adds shares, CEO quote, details, bullets) JOHANNESBURG, March 3 (Reuters) - Nedbank Group Ltd on Tuesday reported a near 7% drop in full-year profit and revised a key profitability target as the worsening South African economy pushed up defaults and cut demand for credit. Growth in Africa’s most advanced economy has floundered in recent years amid power cuts and falling business and consumer confidence, with unemployment at its highest in more than a decade and living costs also rising. Nedbank, one of South Africa’s four largest lenders, said the tough conditions meant it had to lower its medium-term target for return on equity to greater than 17% within two to three years, from an earli
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