Nedbank has assured shareholders that they will be paid their final dividend of R6.95 per share later this month. But the bank warned future dividends will be impacted by guidelines from South Africa’s Reserve Bank that dividends and bonuses be put on ice while the country fights the coronavirus. Mike Brown, Nedbank CEO joins CNBC Africa for more.
As households and businesses in South Africa struggle to cope with the current economic turmoil and uncertainty brought upon by the COVID-19 pandemic, the Prudential Authority (PA) has welcomed the measures taken by banks to support their customers financially.
South Africa’s banking index opened 4.3% lower on Tuesday, a day after the country’s central bank said it had advised lenders not to pay dividends or bonuses amid the coronavirus outbreak.