Declared Dividend • Aug 06
First half dividend of R10.52 announced Shareholders will receive a dividend of R10.52. Ex-date: 26th August 2026 Payment date: 31st August 2026 Dividend yield will be 7.3%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (112% earnings payout ratio). However, the dividend is expected to be covered in 3 years' time (58% forecast payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. EPS is expected to grow by 106% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 04
First half 2026 earnings released: EPS: R18.30 (vs R15.71 in 1H 2025) First half 2026 results: EPS: R18.30 (up from R15.71 in 1H 2025). Revenue: R33.8b (up 4.8% from 1H 2025). Net income: R8.35b (up 14% from 1H 2025). Profit margin: 25% (up from 23% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annonce • Aug 01
Nedbank Group Ltd. Appoints Nikos Angelopoulos as Group Chief Information Officer, Effective 1 September 2026 Nedbank Group Limited announce the appointment of Nikos Angelopoulos as Group Chief Information Officer, effective 1 September 2026. Nikos is an internationally experienced technology executive with more than 30 years' experience across Europe, the Middle East, Africa and the Americas. He joins Nedbank from MTN Group, where he served as Group Chief Information Officer since 2018, with responsibility for information technology strategy, investments, delivery and governance across 16 markets serving more than 300 million customers. During his career, Nikos has led large-scale digital, cloud, data and artificial intelligence transformation initiatives and has previously held senior leadership positions at du (UAE telecom operator), Vodafone and Accenture. Nikos holds an Executive MBA (Dean's List) from London Business School, an MSc in Digital Communications and Signal Processing from Imperial College London and a BSc in Physics from the University of Athens. Jason Quinn, Chief Executive, and the rest of the Group Exco and the Nedbank Board extend a warm welcome to Nikos and look forward to working with him. Annonce • Feb 11
Nedbank Group Limited, Annual General Meeting, May 29, 2026 Nedbank Group Limited, Annual General Meeting, May 29, 2026. Annonce • Jan 22
Nedbank Group Limited (JSE:NED) made an offer to acquire 66% stake in NCBA Group PLC (NASE:NCBA) from group of shareholders for approximately KES 120 billion. Nedbank Group Limited (JSE:NED) made an offer to acquire 66% stake in NCBA Group PLC (NASE:NCBA) from group of shareholders for approximately KES 120 billion on January 21, 2026. The consideration consists of 43.82 million common equity of Nedbank Group Limited at a ratio of 0.04 per common equity of NCBA Group PLC and KES 22.8 billion in cash.
The Company has sufficient authorized but unissued Nedbank Group Shares available and the aggregate Cash Portion will be funded by existing cash resources.
The transaction is subject to approval by regulatory board / committee, board of directors of NCBA and the Competition Authority of Kenya. The expected completion of the transaction is not later than the third quarter of 2026.
Nedbank Corporate and Investment Banking acted as financial advisor for Nedbank Group Limited. Cliffe Dekker Hofmeyr acted as legal advisor for Nedbank Group Limited. Dyer & Blair Investment Bank Limited acted as Financial advisor to Nedbank Group Limited. Annonce • Dec 18
Bosquet Investments Ltd completed the acquisition of 21.20% stake in Ecobank Transnational Incorporated (NGSE:ETI) from Nedbank Group Limited (JSE:NED) for ZAR 1.7 billion. Bosquet Investments Ltd entered into sale and purchase agreement to acquire 21.20% stake in Ecobank Transnational Incorporated (NGSE:ETI) from Nedbank Group Limited (JSE:NED) for ZAR 1.7 billion on August 13, 2025. A cash consideration of ZAR 1.7 billion will be paid by Bosquet Investments Ltd. As part of consideration, ZAR 1.7 billion is paid towards common equity of Ecobank Transnational Incorporated.
The proposed disposal is subject to the receipt of the requisite regulatory approvals in the relevant jurisdictions. The deal has been approved by the board of Nedbank Group Limited. The expected completion of the transaction is fourth quarter of 2025.
Goldman Sachs International acted as financial advisor for Nedbank Group Limited. Cliffe Dekker Hofmeyr acted as legal advisor for Nedbank Group Limited. LPA Law acted as legal advisor for Bosquet Investments Ltd. Enko Capital Management LLP, Investment Banking Arm acted as financial advisor for Bosquet Investments Ltd. Nedbank Corporate and Investment Banking acted as Sponsor to Nedbank Group in South Africa.
Bosquet Investments Ltd completed the acquisition of 21.20% stake in Ecobank Transnational Incorporated (NGSE:ETI) from Nedbank Group Limited (JSE:NED) on December 17, 2025. Following receipt of all requisite regulatory approvals, Nedbank group has successfully concluded the disposal. Annonce • Dec 03
Nedbank Group Limited to Report Fiscal Year 2025 Results on Mar 03, 2026 Nedbank Group Limited announced that they will report fiscal year 2025 results on Mar 03, 2026 Annonce • Nov 28
Nedbank Group and Transnet SOC Limited Agree A Confidential Commercial Settlement of Their Ongoing Litigation Shareholders are advised that Nedbank Group and Transnet SOC Limited (Transnet) have agreed a confidential commercial settlement of their ongoing litigation as noted in the Nedbank Group's Stock Exchange News Service (SENS) announcement that was released on 26 July 2024 (`Update on the Transnet SOC Limited dispute regarding interest rate swap transactions'). The settlement is made without admission of liability and in the interest of avoiding lengthy and costly litigation and damage to their ongoing relationship. Nedbank Group stands by its previous statements in respect of the litigation. Nedbank Group and Transnet have a long-standing business relationship, and the settlement of this litigation allows them to continue to develop this important relationship in the South African national interest and for furtherance of infrastructure investment and economic growth. In terms of the settlement, Nedbank Group has agreed to pay Transnet an amount of ZAR 600 million. Nedbank's payment to Transnet is made without admission of liability and in full and final settlement of the dispute. As previously reported by Nedbank Group, considering internal and independent external reviews commissioned by them, the Nedbank Board and management remain satisfied that Nedbank internal governance procedures at the time were followed in respect of the interest rate swap transactions that were concluded in December 2015 and March 2016, and that there is no evidence of any Nedbank staff dishonesty, corruption or collusion. Nedbank Group will host a preclose investor update on 3 December 2025, where it will reiterate that the group's financial performance for the 10 months to 30 October 2025 was in line with management expectations and on track to deliver on the group's guidance for 2025, when excluding this once off R600m expense. Annonce • Jun 26
Nedbank in Advanced Talks over Stake Sale in ETI Nedbank Group Limited (JSE:NED)'s top brass are in advanced discussions over the group's investment in Central and West Africa via its stake in Ecobank Transnational Incorporated (ETI)" with a possible sale of its stake in the pan-African lender on the cards. Nedbank and ETI formed an alliance in 2008, with Nedbank buying 21% of Ecobank in 2014 for about $500 million. Ecobank has a presence in more than 30 countries, mainly in Central and West Africa. Nedbank on 24 June 2025 said it was still reviewing its investment in ETI. Jason Quinn, who took over from Mike Brown as Nedbank CEO last year, has already indicated that a possible sale of the ETI stake had been well received by investors. "We have announced that we are finalising a strategic review of our financial investment in ETI. Recent engagements with the investment community highlighted strong support should we decide and be able to sell our share," Quinn said in his letter to shareholders, published in the group's 2024 annual report. Annonce • Jun 24
Nedbank Group Limited to Report Q2, 2025 Results on Aug 05, 2025 Nedbank Group Limited announced that they will report Q2, 2025 results on Aug 05, 2025 Annonce • May 30
Nedbank Group Limited Approves Appointment of Committee Members Nedbank Group Limited at its AGM held on May 30, 2025 approved appointment of Ms. L Makalima as a member of the Nedbank Group Transformation, Social and Ethics Committee, Dr. MA Hermanus as a member of the Nedbank Group Transformation, Social and Ethics Committee, Mr. JP Quinn as a member of the Nedbank Group Transformation, Social and Ethics Committee, Mr. S Subramoney as a member of the Nedbank Group Transformation, Social and Ethics Committee, Mr. NP Dongwana as a member of the Nedbank Group Audit Committee, Mr. HR Brody as a member of the Nedbank Group Audit Committee, Mr. EM Kruger as a member of the Nedbank Group Audit Committee, Ms. P Langeni as a member of the Nedbank Group Audit Committee, Dr. TM Nombembe as a member of the Nedbank Group Audit Committee. Annonce • May 09
Nedbank Group Announces Changes to Board Committees, Effective Immediately Nedbank Group refers shareholders to the announcement released on SENS on April 29, 2025, regarding the passing of Errol Kruger, which necessitates changes to various board committees of the Group. The appointments are effective immediately: Stanley Subramoney has been appointed as Chair of the Group Credit Committee (GCC) and the Large-exposure Approval Committee (LEAC). Rob Leith has been appointed as Chair of the Group Risk and Capital Management Committee (GRCMC), and Hubert Brody has been appointed as a member of the GRCMC. Shareholders are referred to the announcement released on SENS on April 3, 2025, wherein it was advised that Stanley Subramoney would step down as a member of the Group Directors' Affairs Committee (DAC) on May 30, 2025, given he steps down as Group Audit Committee (GAC) Chair on that date. As a result of his appointment as Chair of the GCC, however, Stanley now remains a member of the DAC. All Board committees remain duly constituted following the above changes. Annonce • Apr 17
Nedbank Group Limited, Annual General Meeting, May 30, 2025 Nedbank Group Limited, Annual General Meeting, May 30, 2025. Location: the boardman auditorium, block g, nedbank 135 rivonia campus, 135 rivonia road, sandown, sandton, South Africa Annonce • Mar 04
Nedbank Group Limited Declares Final Dividend for the Year Ended 31 December 2024, Payable on 14 April 2025 Nedbank Group Limited announced that a final dividend of 1,104 cents per ordinary share has been declared, payable to shareholders for the year ended 31 December 2024. The dividend has been declared from income reserves. Shares commence trading (ex dividend): 9 April 2025. Record date: 11 April, 2025. Payment date: 14 April 2025. Annonce • Dec 11
Nedbank Group Limited to Report Fiscal Year 2024 Results on Mar 04, 2025 Nedbank Group Limited announced that they will report fiscal year 2024 results on Mar 04, 2025 Annonce • Sep 05
Nedbank Group and Nedbank Limited Appoints William Mzimba as Independent Non-Executive Director and Member of the Nedbank Group IT Committee with Effect from 1 October 2024 The boards of Nedbank Group and Nedbank Limited announced that Mr. William Mzimba has been appointed as an independent non-executive director and member of the Nedbank Group IT Committee with effect from 1 October 2024. The appointment has been made in terms of the Group's policy on the nomination and appointment of directors. William holds an MBA, BA (Hons) Business Studies, and a Diploma in Datametrics (Computer Science and Statistics). He is an independent non-executive director of Famous Brands Limited. William was previously the Chief Executive Officer of Vodacom Business, a member of the Vodacom Group Exco, Board Member of Vodacom South Africa and IOT.NXT as well as Chairman of Nexio. Prior to that, he was the Chief Executive Officer and Chairman of Accenture in Africa for 12 years. Declared Dividend • Aug 08
First half dividend of R9.71 announced Shareholders will receive a dividend of R9.71. Ex-date: 4th September 2024 Payment date: 9th September 2024 Dividend yield will be 7.1%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (58% payout ratio) and is expected to be covered in 3 years' time (57% forecast payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Aug 06
Nedbank Group Limited Declares an Interim Dividend for Six Months Ended June 30, 2024, Payable on September 9, 2024 Nedbank Group Limited declared an interim dividend of 971 cents per ordinary share has been declared, payable to shareholders for the 6 months ended 30 June 2024. The relevant dates for the dividend are as follows: Event Last day to trade (cum dividend), 3 September 2024; Shares commence trading (ex dividend), 4 September 2024; Record date (date shareholders recorded, 6 September 2024 in books); Payment date: 9 September 2024. Annonce • Jun 28
Nedbank Group and Nedbank Limited Appoints Mavis (May) Ann Hermanus as Independent Non-Executive Director and Member of the Nedbank Group Sustainability and Climate Resilience Committee, Effective 15 July 2024 As part of the Group's ongoing board continuity planning, the boards of Nedbank Group and Nedbank Limited (the boards) announced that Dr Mavis (May) Ann Hermanus has been appointed as an independent non-executive director and member of the Nedbank Group Sustainability and Climate Resilience Committee with effect from 15 July 2024. The appointment has been made in terms of the Group's policy on the nomination and appointment of directors. May (PhD, Engineering and the Built Environment) is a Visiting Adjunct-Professor at the University of Witwatersrand. For the past 30 years, she has worked on health and safety in mining, environmental protection, and sustainability in Africa. She started as an NGO volunteer and became the head of the National Union of Mineworkers' (NUM) health and safety unit. She also participated in UN's International Labour Organisation forums. She has held many positions, such as Non-executive Director at Aveng Ltd, Director of the Centre for Sustainability in Mining and Industry, Executive Director of CSIR's Natural Research Unit, Chairperson of the Mine Health and Safety Council, the Board of the Mining Qualifications Authority, and Deputy Director-General of the Department of Minerals and Energy for Mine Safety and Health and a variety of other roles locally and internationally. She is the Chairperson of Tshiamiso Trust and was Chairperson of AngloGold's employee share option scheme. May also serves as a director of the Institute for Social Dialogue. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R266, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Banks industry in Africa. Total returns to shareholders of 100% over the past three years. Annonce • Apr 03
Nedbank Group and Nedbank Announces Changes to the Boards and Board Committees Nedbank Group Limited announced that Shareholders are referred to the announcement released on SENS on 6 March 2023, advising shareholders that following Brian Dames' conclusion of his nine-year term, his tenure as a director of the Group Boards had been extended for an initial period of one year given the need for continuity on the Group Climate Resilience Committee (which will be renamed the Group Sustainability and Climate Resilience Committee (GSCRC) with effect from 1 April 2024) while the search for additional directors with climate risk expertise was underway. Shareholders are hereby advised that the Group Boards have resolved to extend Mr. Dames' tenure for a further one year whilst the succession process for the GSCRC is being finalised. Shareholders are further advised that: Rob Leith will continue to be a member of the Group Remuneration Committee (Group Remco). Shareholders were previously advised that Mr. Leith would resign from Group Remco on 31 March 2024 - Mr. Leith had initially requested to step down as a member of Group Remco to ensure he had adequate capacity when assuming the role of the Chair of the Group IT Committee which he did from 30 October 2023. He has subsequently confirmed that he does have sufficient available capacity and as such will remain a member of Group Remco; and In addition to his current role as a member of the Group Audit Committee, Terence Nombembe has been appointed as a member of the Group Risk and Capital Management Committee with effect from 1 April 2024. Upcoming Dividend • Apr 03
Upcoming dividend of R10.22 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 9.2%. Lower than top quartile of Namibian dividend payers (11%). Higher than average of industry peers (5.5%). Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: R32.39 (vs R29.32 in FY 2022) Full year 2023 results: EPS: R32.39 (up from R29.32 in FY 2022). Revenue: R61.0b (up 6.3% from FY 2022). Net income: R15.3b (up 7.2% from FY 2022). Profit margin: 25% (in line with FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annonce • Mar 05
Nedbank Group Limited Declares Final Dividend for the Year Ended 31 December 2023, Payable on 15 April 2024 Nedbank Group Limited announced that notice is hereby given that a final dividend of 1,022 cents per ordinary share has been declared, payable to shareholders for the year ended 31 December 2023. The dividend has been declared out of income reserves. Payment date is 15 April 2024. Record date is 12 April 2024. ex dividend is 10 April 2024. Annonce • Dec 14
Nedbank Group Limited and Nedbank Limited Appoints Terence Mncedisi Nombembe as an Independent Non-Executive Director and Member of Nedbank Group Audit Committee, Effective 1 January 2024 In accordance with the Group's ongoing board continuity planning, the boards of Nedbank Group Limited and Nedbank Limited (the Boards) announced the appointment of Terence Mncedisi Nombembe as an independent non-executive director and member of the Nedbank Group Audit Committee with effect from 1 January 2024. The appointment has been made in terms of the Group's policy on the nomination and appointment of directors. Terence (CA(SA)) was the Chief Executive Officer of the South African Institute of Chartered Accountants (SAICA) from 2014 to 2019, and before that he was Auditor-General of South Africa from 2006 to 2013. Terence was most recently a non-executive director of the South African Reserve Bank, having stepped down from that role earlier this year. Honorary awards received by Terence include The Jorg Kandutsch excellence award from the International Organisation of Supreme Audit Institutes (2010), Doctor of Accounting Science by the Walter Sisulu University (2014), UNISA's Chancellor's Calabash Award - Outstanding Alumunus (2014), and an Honorary Member of the Golden Key International Honour Society (2015). Annonce • Nov 24
Nedbank Limited and Nedbank Group Limited Announce Executive Changes, Effective 31 May 2024 Nedbank Limited announced that In accordance with paragraphs 3.59 of the Listings Requirements and 6.39 of the Debt Listings requirements of the JSE Limited and further to the SENS announcement made on 2 June 2023 advising shareholders of the commencement of the succession process for the Chief Executive (CE) of the Group, the Nedbank Group and Nedbank Boards (the Boards) have, subject to regulatory approval, appointed Jason Quinn as CE-designate of Nedbank Group and Nedbank. After completing his notice period with his current employer, he will assume the role of CE on Mike Brown's planned retirement from the Boards at the close of the Nedbank Group annual general meeting currently scheduled for 31 May 2024. Mike will remain at Nedbank for a suitable period after he steps off the Boards to ensure a seamless handover to Jason. Jason (49) (BAcc (Hons), CA(SA)) was most recently the Financial Director of Absa Group Limited and Absa Bank Limited (Absa), having been initially appointed to that role in 2016. Jason joined Absa in 2008 where he held finance roles in the Group and the Retail and Business Bank. He was also the Interim Group Chief Executive Officer of Absa from April 2021 to March 2022. Before Absa, he joined Ernst & Young Inc. in 1992, where he held the role of partner from 2005 to 2008. Conveying his appreciation for Mike's significant contribution as CE since 2010 and prior to that as Chief Financial Officer from 2004, Nedbank Group Chairperson, Daniel Mminele, said `Mike's leadership during the Covid period led to him being awarded the Sunday Times Business Leader of the Year award in 2020, an award based on the outcome of the votes of the CEOs of the top 100 companies listed on the JSE. Mike championed the Group's purpose of using its financial expertise to do good and positively shaped the culture of Nedbank by fostering a culture of diversity and inclusion and the Group has maintained Level 1 BBBEE ratings for the last 5 years. He also led the managed separation from Old Mutual that was successfully concluded in 2018. In a competitive landscape, he spearheaded the bank's digital transformation and innovation agenda, as well as the successful managed-evolution technology rebuild which established Nedbank's credentials as a leader in digital innovation and has resulted in Nedbank achieving the #1 bank rating in client satisfaction (Net Promotor Score) in South Africa. Mike has passionately supported various social and environmental issues by playing a key role in the CEO Initiative, Business Leadership SA where he is Deputy Chairman, and the Banking Association of SA where he was a past Chairman. Mike has also been instrumental in fostering Nedbank's commitment to the green agenda as a strategic imperative, and in championing its social sustainability engagements in the communities serve including Nedbank's leading participation in the Youth Employment Service. When Mike leaves office after 30 years of service, he will have left an indelible imprint on the Group's history. Annonce • Oct 31
Nedbank Group Limited Announces Changes to Board Committees Nedbank Group Limited announced that Phumzile Langeni has been appointed as a member of the Group Remuneration Committee with immediate effect. Rob Leith has been appointed as Chairperson of the Group IT Committee and a member of the Group Directors' Affairs Committee with immediate effect. This follows the resignation of Mteto Nyati (previously Chairperson of the Group IT Committee) from the Nedbank Group Board on 9 October 2023. Rob Leith will step down as a member of the Group Remuneration Committee on conclusion of the current remuneration cycle, being 31 March 2024. Annonce • Oct 07
Nedbank Group Limited and Nedbank Limited Announce Resignation of Mteto Nyati as Independent Non-Executive Director, Effective on October 9, 2023 Shareholders announced that Mteto Nyati has resigned as an independent non-executive director of the Nedbank Group and Nedbank Boards of Directors (Boards) with effect from 9 October 2023 as a result of increased capacity constraints. Mteto accordingly also steps down as a member and chair of the Group IT Committee, and member of the Group Directors' Affairs Committee and Group Risk and Capital Management Committee. All Board committees remain duly constituted following the above changes and a further announcement will be released advising shareholders of the appointment of a chairperson of the Group IT Committee. Upcoming Dividend • Aug 30
Upcoming dividend of R8.71 per share at 8.0% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 8.0%. Lower than top quartile of Namibian dividend payers (12%). Higher than average of industry peers (5.6%). Reported Earnings • Aug 09
First half 2023 earnings released: EPS: R15.24 (vs R14.12 in 1H 2022) First half 2023 results: EPS: R15.24 (up from R14.12 in 1H 2022). Revenue: R29.2b (up 7.6% from 1H 2022). Net income: R7.32b (up 6.5% from 1H 2022). Profit margin: 25% (in line with 1H 2022). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Annonce • Aug 09
Nedbank Group Limited Declares an Interim Dividend on Ordinary Share, Payable on September 11, 2023 Nedbank Group Limited declared an interim dividend of 871 cents per ordinary share has been declared, payable on September 11, 2023 to shareholders for the six months ended 30 June 2023. The dividend has been declared out of income reserves. The dividend will be subject to a dividend withholding tax rate of 20% (applicable in SA) or 174,2 cents per ordinary share, resulting in a net dividend of 696,8 cents per ordinary share, unless the shareholder is exempt from paying dividend tax or is entitled to a reduced rate in terms of an applicable double-tax agreement. Last day to trade (cum dividend): 5 September 2023. Shares commence trading (ex dividend): 6 September 2023. Record date (date shareholders recorded in books): 8 September 2023. Upcoming Dividend • Apr 05
Upcoming dividend of R8.66 per share at 7.8% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 17 April 2023. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 7.8%. Lower than top quartile of Namibian dividend payers (13%). Higher than average of industry peers (5.9%). Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: R29.32 (vs R23.17 in FY 2021) Full year 2022 results: EPS: R29.32 (up from R23.17 in FY 2021). Revenue: R57.4b (up 11% from FY 2021). Net income: R14.3b (up 27% from FY 2021). Profit margin: 25% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Cost-to-income ratio: 56.5% (down from 57.8% in FY 2021). Non-performing loans: 6.04% (up from 4.96% in FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annonce • Feb 15
Nedbank Group and Nedbank Announce Board Changes Shareholders were advised on 2 December 2021 that Mpho Makwana's term as Non-executive Chairperson of Nedbank Group and Nedbank Limited was planned to end at the Companies' annual general meetings (AGMs) in 2023, and in line with this announcement, Mpho will retire at the close of the Nedbank Group AGM on 2 June 2023. The boards of the Companies announced the appointment of Mr. Daniel Mminele (57) as an independent non-executive director and Chairperson-designate of the Companies. The required regulatory approval for the appointment has been received. The appointment has been made in terms of the Group's policy on the nomination and appointment of directors. Daniel's appointment as an independent non-executive director of the Companies will be effective from 1 May 2023 and the boards of the Companies have resolved to elect Daniel as Chairperson of the Companies immediately following the conclusion of the Nedbank Group AGM scheduled to be held on 2 June 2023. Daniel has significant banking and financial services experience. He is the outgoing Chair of Alexander Forbes Group Holdings Limited and Alexander Forbes Investments Limited (having tendered his resignation with effect from 30 April 2023), a former Chief Executive of ABSA Group and ABSA Bank Limited, and served two 5-year terms as Deputy Governor of the South African Reserve Bank (SARB) where his responsibilities during his second term included Financial Markets, International Economic Relations and Policy, as well as the Human and Operations Cluster. His committee memberships included the Governors' Executive Committee, the Monetary Policy Committee, Financial Stability Committee, Risk Management Committee and the Prudential Committee. Before joining the SARB in September 1999, he worked for African Merchant Bank and Commerzbank in South Africa, and WestLB in the UK and Germany for 12 years. Daniel holds Associate Certificates of the Chartered Institute of Bankers (London) in association with City Polytechnic of London/Guildhall University; and a German Banking Diploma (Bankkaufmann) from Sparkasse Paderborn and the Chamber of Industry and Commerce in Bielefeld (Germany). Daniel also served for the most part of 2022 as Head: Presidential Climate Finance Task Team where he led and coordinated the work to give effect to the Just Energy Transition Partnership, as well as the development of the Just Energy Transition Investment Plan, which was launched in November 2022. Daniel's appointment follows a robust succession process for the Chairperson that commenced early in 2022 and was led by Hubert Brody, Nedbank Group's Lead Independent Director. Annonce • Jan 19
Nedbank Group Limited Announces Resignation of Tshilidzi Marwala as an Independent Non-Executive Director and Therefore as A Member of the Group It Committee, Group Climate Resilience Committee, and Group Transformation, Social and Ethics Committee Nedbank Group Limited announced that on 11 August 2022 that Prof. Tshilidzi Marwala would step down as an independent non-executive director of Nedbank Group and Nedbank in 2023 (and therefore as a member of the Group IT Committee, Group Climate Resilience Committee, and Group Transformation, Social and Ethics Committee) to take up the role as next Rector of the United Nations University headquartered in Tokyo. The date of resignation has now been confirmed as 28 February 2023. Recent Insider Transactions • Jan 01
COO & Director recently sold R1.5m worth of stock On the 23rd of December, Mfundo Nkuhlu sold around 7k shares on-market at roughly R215 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R2.8m. Mfundo has been a net seller over the last 12 months, reducing personal holdings by R5.2m. Recent Insider Transactions • Dec 26
COO & Director recently sold R2.1m worth of stock On the 19th of December, Mfundo Nkuhlu sold around 10k shares on-market at roughly R213 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R2.8m. Mfundo has been a net seller over the last 12 months, reducing personal holdings by R3.7m. Recent Insider Transactions • Dec 11
Insider recently sold R2.8m worth of stock On the 8th of December, Ciko Thomas sold around 13k shares on-market at roughly R215 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R8.8m more than they bought in the last 12 months. Annonce • Dec 06
Nedbank Group Limited to Report Fiscal Year 2022 Results on Mar 07, 2023 Nedbank Group Limited announced that they will report fiscal year 2022 results on Mar 07, 2023 Annonce • Nov 19
An unknown buyer acquired an unknown stake in Nedbank Group Limited (JSE:NED) from Ninety One SA Proprietary Limited. An unknown buyer acquired an unknown stake in Nedbank Group Limited (JSE:NED) from Ninety One SA Proprietary Limited on November 18, 2022. Post transaction, Ninety One now hold 4.95% stake in Nedbank Group.
An unknown buyer completed the acquisition of an unknown stake in Nedbank Group Limited (JSE:NED) from Ninety One SA Proprietary Limited on November 18, 2022. Annonce • Sep 20
Mteto Nyati Joins Nedbank Board Mteto Nyati joins Nedbank board. The former Altron and MTN SA CEO becomes independent non-executive director and member of the group IT committee. Upcoming Dividend • Aug 24
Upcoming dividend of R7.83 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 7.3%. Lower than top quartile of Namibian dividend payers (10.0%). Higher than average of industry peers (5.6%). Annonce • May 24
Nedbank Appoints Phumzile Langeni as Independent Non-Executive Director Nedbank has announced the hiring of Phumzile Langeni as Independent Non-Executive Director. Appointed: 22 March 2022 Qualifications: MCom Experience in commercial, financial services, mining and resources. Nationality: South African Phumzile is a co-founder and executive chairman of Afropulse Group (Pty) Ltd, an unlisted investment and corporate advisory house, and is also the chairman of Imperial Logistics Limited, Metrofile Holdings Limited and Delta Property Fund. Phumzile has also been appointed as an independent non-executive director of Woolworths Holdings Limited with effect from 1 April 2022. In April 2018, Phumzile was appointed by the President of the Republic of South Africa as one of four Special Investment Envoys tasked with raising USD 100 billion over a five-year period. Annonce • May 04
GIC Pte. Ltd. acquired a 5.01% stake in Nedbank Group Limited (JSE:NED). GIC Pte. Ltd. acquired a 5.01% stake in Nedbank Group Limited (JSE:NED) on May 3, 2022.
GIC Pte. Ltd. completed the acquisition of a 5.01% stake in Nedbank Group Limited (JSE:NED) on May 3, 2022. Annonce • Apr 26
Nedbank Group Limited Announces Group Chief Financial Officer Changes Nedbank Group announced the appointment of Daleen du Toit, to its Group Executive Committee as Group Chief Compliance Officer reporting to the Chief Executive, Mike Brown, with effect from 1 May 2022. Daleen is an admitted attorney and a designated compliance professionalwith 22 years' compliance risk management experience in the banking and financial services industry including a focus on the use of technology in compliance risk management. As part of the current Nedbank Group Compliance executive team and having worked at Nedbank for 7 years, Daleen will ensure a seamless continuation of the implementation of the group's compliance strategy with a focus on enabling business and effective compliance risk management in an increasingly digitised environment. Daleen succeeds Anna Isaac who resigns with effect from 30 April 2022 to join a bank in the United Arab Emirates. Annonce • Apr 18
Nedbank Group Limited to Report Fiscal Year 2021 Final Results on Apr 21, 2022 Nedbank Group Limited announced that they will report fiscal year 2021 final results on Apr 21, 2022 Upcoming Dividend • Mar 30
Upcoming dividend of R7.58 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 11 April 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 6.3%. Lower than top quartile of Namibian dividend payers (10%). Higher than average of industry peers (4.8%). Upcoming Dividend • Sep 08
Upcoming dividend of R4.33 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 20 September 2021. Trailing yield: 4.8%. Lower than top quartile of Namibian dividend payers (6.5%). Higher than average of industry peers (4.0%). Reported Earnings • Aug 13
First half 2021 earnings released: EPS R10.81 (vs R2.70 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R24.3b (up 30% from 1H 2020). Net income: R5.24b (up 303% from 1H 2020). Profit margin: 22% (up from 6.9% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Annonce • Aug 06
Nedbank Group Limited Revises Earnings Guidance for the Six-Month Period Ended 30 June 2021 Nedbank Group Limited revised earnings guidance for the six-month period ended 30 June 2021. The company’s revised basic earnings per share for the six-month period ended 30 June 2021 is expected to increase by between 297% and 302% compared to the prior comparative period, resulting in a range of between 1,072 cents and 1,085 cents per share compared to previously expected to increase by more than 20% when compared with those in the six-month period to 30 June 2020. Executive Departure • Jun 02
Non-Executive Director has left the company On the 28th of May, Iain Williamson's tenure as Non-Executive Director ended after less than a year in the role. As of March 2021, Iain personally held only 785.00 shares (R110k worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS R7.18 (vs R25.00 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: R40.3b (down 20% from FY 2019). Net income: R3.47b (down 71% from FY 2019). Profit margin: 8.6% (down from 24% in FY 2019). The decrease in margin was driven by lower revenue. Cost-to-income ratio: 58.1% (up from 56.5% in FY 2019). Non-performing loans: 5.68% (up from 3.47% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 23% per year. Is New 90 Day High Low • Mar 09
New 90-day high: R141 The company is up 9.0% from its price of R129 on 09 December 2020. The Namibian market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R21.05 per share. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 17% share price gain to R140, the stock is trading at a trailing P/E ratio of 10.3x, up from the previous P/E ratio of 8.8x. This compares to an average P/E of 6x in the Banks industry in Africa. Total return to shareholders over the past three years is a loss of 39%. Annonce • Jan 24
Vassi Naidoo to Be Taking Leave of Absence as Independent Chairman of Nedbank Group Limited and Nedbank Limited The boards of the Nedbank Group Limited and Nedbank Limited announced that Vassi Naidoo will be taking leave of absence as Independent Chairman of the group with immediate effect to focus on treatment he is receiving for a medical condition. In terms of Nedbank Group's Board Continuity Programme, Mpho Makwana (currently the Lead Independent Director of the group) will serve as acting Chairman with immediate effect until Vassi's return. The appointment of an acting Lead Independent Director will be announced in due course once internal governance processes have been completed. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 15% share price gain to R118, the stock is trading at a trailing P/E ratio of 8.7x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 6x in the Banks industry in Africa. Total return to shareholders over the past three years is a loss of 34%. Is New 90 Day High Low • Nov 10
New 90-day high: R118 The company is up 10.0% from its price of R107 on 12 August 2020. The Namibian market is down 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Valuation Update With 7 Day Price Move • Oct 31
Market pulls back on stock over the past week After last week's 16% share price decline to R95.98, the stock is trading at a trailing P/E ratio of 7.1x, down from the previous P/E ratio of 8.5x. This compares to an average P/E of 6x in the Banks industry in Africa. Total return to shareholders over the past three years is a loss of 46%. Annonce • Oct 31
Nedbank Limited and Nedbank Group Limited Appoints Mike Davis as Debt Officer Nedbank Limited and Nedbank Group Limited appointed Mike Davis as debt officer with immediate effect. Valuation Update With 7 Day Price Move • Oct 24
Market bids up stock over the past week After last week's 19% share price gain to R115, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.1x. This compares to an average P/E of 5x in the Banks industry in Africa. Total return to shareholders over the past three years is a loss of 34%. 
