Nedbank says 2020 profit could fall by up to 60%

South Africa’s Nedbank Ltd said on Friday its profit for the year ended December 31 could drop by almost 60% due to the impact of the pandemic.

It expects headline earnings per share (HEPS), the main profit measure in South Africa, of between R10.42 ($0.6801) and R11.72, down 55%-60%, the lender said.

Nedbank will announce its results on March 17.