Nedbank sees decline in impairments

Johannesburg – Nedbank says it has seen demand for corporate credit muted for the first half of 2021.

It attributes this to excess cash for companies remaining down due to debt repayment, as well as low investment activity.

In its results for the year ended 31 December 2021, demand for corporate credit improved in the second half.

However, like many banks in the country, Nedbank is seeing a rebound after hefty provisions for bad debts sparked by the pandemic left a huge dent in profits.

The bank said it remains 7% below 2019 levels, despite its earnings increasingly by 115% to R11.7 billion from a low 2020 base.

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