Nedbank mid-year profit takes knock on Ecobank losses

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Johannesburg - Nedbank's [JSE:NED] resilience against South Africa's challenging political and economic environment has been undermined by the poor performance of its West African banking partner.

The bank reported a 3.7% fall in mid-year profit on Wednesday, despite increasing its interim dividend by 7.0% to 610 cents per share.

Nedbank's West African partner Ecobank Transnational Incorporated was its Achilles heel. The group said its performance was negatively impacted by its share of the loss from Ecobank, which decreased 6.7% growth in headline earnings in managed operations to an overall 2.9%.

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