Nedbank Group, which said on Tuesday interim headline earnings edged 2.6% up to R6.9bn, has moderated its guidance for full-year earnings amid SA’s economic slowdown.
“In the context of slower-than-expected SA GDP growth, we have slightly revised our guidance for growth in diluted headline earnings per share for 2019 to around nominal GDP growth,” Nedbank Group CEO Mike Brown said. Nedbank expects SA’s GDP to grow at just 0.5% in 2019, with nominal GDP growth — a measure that includes inflation — of about 4.9%.
“If we are unable to do this, all the hard work done on maintaining our last investment grade rating from Moody’s will be in vain, at great cost to all South Africans as a result of higher inflation and higher interest rates, as well as lower growth and lower levels of employment than would otherwise have been the case.”
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