Nedbank Group sees another hike in South African interest rates with Prime hitting a high of 11%

Nedbank reported a stellar set of full year results today for the year ended December 2022. The Group is backing its own business with plans for a R5bn share buyback scheme subject to regulatory approval. Nedbank Group Chief Financial Offer Mike Davis says the bank expects another 25 basis point rate hike in South African with prime peaking at 11% and that this together with the constrained electricity and logistics environment will place further pressure on the South African consumer.

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