May 22, 2020 / 6:44 AM / 13 days ago

S. Africa's Nedbank warns on profit amid COVID-19 crisis

May 22 (Reuters) - Nedbank said on Friday it expects headline earnings per share for the six months ending in June 30 to be 20% lower year-on-year, as it navigates through the financial market volatility caused by the coronavirus crisis.

Nedbank, one of South Africa’s four largest lenders, also said its credit loss ratio for the first quarter edged towards the top half of its target range of 60-100 basis points.

“While the initial impact of the COVID-19 pandemic and subsequent lockdown emerged in March and financial market volatility in late March was extreme, impacts on our client base became more evident in April 2020 and are expected to continue,” the company said.

Reporting by Muvija M in Bengaluru; Editing by Ramakrishnan M.

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