Nedbank expects four rate cuts in 2024, peak in bad debts

Nedbank wants to grant more loans to gain additional market share in coming months as it forecasts a full percentage point of cuts to the repo rate in 2024.

The bank, SA's fifth biggest by market value, and which is valued at about R111 billion on the JSE, reported a 10% rise in headline earnings to R7.33 billion in the six months to end-June, with net-interest income jumping 18% to R20 billion, supported by a 9% growth to R978 billion in its average interest-earning assets, such as loans.