Nedbank’s loan growth is muted

NEDBANK Group, South Africa’s fourth-largest bank, said yesterday it managed to boost its earnings from fees and commissions in a lean nine months that saw its loan book expand just three per cent.

Nedbank, which is majority owned by insurer Old Mutual, said non-interest revenue totalled 10.9bn rand (£854m), compared with 9.4bn in the same period a year earlier.

Net interest income totalled 13.3bn rand, versus 12.2bn a year earlier.