Zim, Banco Unico & tough economic environment weigh on Nedbank’s FY earnings

Nedbank, one of South Africa's leading financial institutions, recently reported a full-year headline earnings loss of 7.3%, amounting to R12.5 billion. This figure fell below the bank's initial expectations, which CEO Mike Brown attributed to the challenging economic environment in South Africa and globally. Nedbank faced significant headwinds in the past year, including issues with its subsidiaries in Zimbabwe and Mozambique, private equity investments, and an increase in bad debts. Despite these challenges, Brown remains optimistic about the bank's future prospects and its ability to navigate the current economic uncertainties. In a recent interview with CNBC Africa, Brown shed light on the key factors impacting Nedbank's performance and outlined the bank's strategy moving forward. The discussion also touched on the potential implications of the coronavirus outbreak on the bank's operations and overall economic outlook.