Nedbank Group (NEDJ.J): 5M26 Trading update conference call takeaways

研报英文原文证据摘录

Nedbank Group (NEDJ.J): 5M26 Trading update conference call takeaways

Equity Research

24 June 2026 | 6:55PM GST

Nedbank Group (NEDJ.J): 5M26 Trading update conference call

takeaways

Nedbank Group hosted a conference call today post the 5M26 trading update. Key Kazim Andac

+971(4)214-9958 |

takeaways below: 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 management reiterated that the underlying operating momentum remains Goldman Sachs International

strong and FY26 guidance is broadly on track despite a softer macro backdrop, Gokul Vinayak L

higher fuel prices and uptick in retail credit stress. Management expects rates to +1(332)245-7976Goldman Sachs India| gokul.l@gs.comSPL

remain unchanged through the rest of 2026, with potentially 3 cuts in 2027.

Revenue trends remain healthy, supported by solid corporate loan growth,

strong insurance income and disciplined cost management, while the increase in

credit costs is largely attributable to consumer affordability pressures in PPB

and a one-off corporate default in BCB. CIB continues to perform particularly

well, benefiting from strong pipeline conversion, market share gains in

wholesale lending and exceptionally low credit losses. Management also

expressed confidence in the quality of recent loan origination, especially in

secured lending and home loans.

n Loan growth remained healthy in 5M26, with advances increasing above

mid-single digits in CIB and PPB and around mid-single digits in BCB. Corporate

lending momentum was supported by strong pipeline conversion, particularly in

mining, renewable, commodity finance and diversified finance, with Nedbank