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Financials

Nedbank could nix future dividends after South Africa central bank guidance

April 8 (Reuters) - Nedbank Group on Wednesday reaffirmed its 2019 dividend, but said it was weighing future dividend payments after South Africa’s central bank urged lenders to preserve cash during the coronavirus crisis.

“Management and the board are consulting their advisors and monitoring evolving developments in this regard and will make further announcements as necessary,” Nedbank said.

Nedbank, one of South Africa’s four largest lenders, said it currently expects the 2019 final dividend of 695 cents per ordinary share will be paid on April 20.

The announcement comes after Standard Bank, Absa and Investec , said on Tuesday they were considering the South African Reserve Bank’s guidance on the 2020 dividend and would update shareholders in due course. (Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

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