JOHANNESBURG - Nedbank posted a modest annual profit increase as it wrapped up the sale of its Ecobank stake and took a one-off hit from a Transnet settlement.
Headline earnings for the year to December rose about 2 percent to R17-billion.
Headline earnings were buoyed by improved credit performance and easing impairments, though overall revenue growth stayed sluggish.
Associate income tumbled in the second half after the Ecobank sale, while operating costs climbed because of the Transnet settlement.
A stronger credit loss ratio, better than last year, also helped results.
Nedbank says the Ecobank deal still drags on basic earnings, though related foreign-exchange and valuation losses are excluded from headline earnings.