Nedbank Group reported headline earnings of R16.9 billion for the full year to December 2024, an increase of 8% on the prior year, the bank confirmed in its annual results booklet published on 4 March 2025. Diluted headline earnings per share rose 11%. Return on equity improved to 15.8% from 15.1% a year earlier, the bank said.
NON-INTEREST REVENUE AND IMPAIRMENTS
Non-interest revenue grew 10% to R30.4 billion, driven by strong growth in commission and fees, solid growth in trading and insurance income, and seven months' contribution from the Eqstra acquisition; excluding Eqstra, NIR rose 7%. The NIR growth rate exceeded that of net interest income.
Impairments fell 17% to R8.0 billion, reflecting an improving macroeconomic environment, the resolution of large wholesale exposures, credit policy interventions and collections efforts in retail.
Gross banking advances grew 7% to R944 billion, while deposits increased 8% to R1.175 trillion.
CAPITAL POSITION AND GUIDANCE
Nedbank's Common Equity Tier 1 ratio stood at 13.3% at the end of the year, above the top end of the bank's 11% to 12% target range.
For 2025 the bank guided for DHEPS growth of more than mid-single digits, broadly flat earnings in the first half, an ROE above 16% and NIR growth in the upper single digits. Nedbank also noted that its digital transformation programme continued to gain traction during 2024, with digitally active retail clients up 7% and the Managed Evolution IT programme completed.