Nedbank Group (NEDJ.J): 5M26 Trading update - NII outlook improves, while credit costs rise

研报英文原文证据摘录

Nedbank Group (NEDJ.J): 5M26 Trading update - NII outlook improves, while credit costs rise

Equity Research

24 June 2026 | 11:10AM GST

Nedbank Group (NEDJ.J): 5M26 Trading update - NII outlook improves,

while credit costs rise

Nedbank Group reported a voluntary trading update today. Key highlights are as Kazim Andac

+971(4)214-9958 |

follows: kazim.andac@gs.com

Goldman Sachs International

We expect the share price reaction to this pre-close trading update to be neutral Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

as the operational metrics are within management expectations, with FY26 Goldman Sachs International

guidance for bottom line unchanged. Management expects NII growth to Gokul Vinayak L

improve through the year and finish slightly above its previous guidance of +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

around mid-single digits, while NIR growth is expected to remain at high-single

digits and expense growth below mid-single digits. The group guides for a FY26

CLR to be slightly above the midpoint of its TTC range of 60-100bps, with

impairments expected to be seasonally higher in H1 than H2.

n Loans and advances growth remained healthy in 5M26, supported by strong

momentum in CIB and resilient growth across retail portfolios. Gross advances

increased above mid-single digits in CIB and PPB, while BCB delivered around

mid-single-digit growth, reflecting improving credit demand despite a

still-cautious operating environment. Management noted that private-sector

credit extension continues to strengthen and expects loan growth to remain

positive through H2 2026, albeit at a more moderate pace.

n NII growth improved to low-to-mid single digits in 5M26, supported by

mid-to-high single-digit growth in average interest-earning banking assets and