Zimbabwe, S Africa bite Nedbank

BANKING group Nedbank on Tuesday reported a 6,3 percent drop in diluted headline earnings per share to R25,65 in the year to December 31, citing difficult domestic conditions.
South Africa’s 2019 economic growth — estimated at just 0,3 percent — was slower than expected due to severe power cuts, fiscal deficit and a deteriorating global outlook, bank chief executive Mike Brown noted.
As such, headline earnings were also impacted by other factors, including Zimbabwe’s hyperinflation and impairments of inter-company legacy debt.
— IOL