South Africa's Nedbank scraps financial guidance for 2020 [Reuters]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Reuters
South Africa's Nedbank scraps financial guidance for 2020 JOHANNESBURG, April 14 (Reuters) - South Africa’s Nedbank Ltd has withdrawn guidance for its key financial numbers for 2020, blaming the economic disruption caused by the coronavirus pandemic. The bank, among the country’s top four lenders, has also put its medium and long-term targets for return on equity under review, it said in a statement on Tuesday. The announcement came two weeks after South Africa’s largest lender by assets, Standard Bank Group Ltd, withdrew its financial guidance, citing economic uncertainty. Nedbank had forecast its headline earnings per share, the main profit measure in South Africa, for 2020 would grow at around the same pace as the country’s GDP - which it had expected would expand by around 0.7%. It had also forecast numbers for other metrics such as bad debts and income earned from activities other than lending. “Nedbank Group’s 2020 financial guidance as provided in our annual results announcemen
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