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S.Africa's Nedbank says 2020 profit could fall by up to 60%


By Reuters Staff
1 Min Read
Customers look on outside Nedbank, after the bank closed due to load shedding, at the Mall of the South in Johannesburg, South Africa, March 17, 2019. REUTERS/Siphiwe Sibeko
JOHANNESBURG (Reuters) - South Africa’s Nedbank Ltd said on Friday its profit for the year ended Dec. 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 10.42 rand ($0.6801) and 11.72 rand, down 55%-60%, the lender said.
Nedbank will announce its results on March 17.
Reporting by Promit Mukherjee; editing by Jason Neely ....

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UPDATE 1-Julius Baer posts 50% FY profit rise


3 Min Read
ZURICH (Reuters) - Julius Baer posted a 50% rise in 2020 net profit on Monday and said it planned a share buyback, as booming markets and strong client trading helped the Swiss wealth manager overshoot its mid-term targets.
Slideshow ( 4 images )
But shares fell 2.7% by 0951 GMT, as analysts said low and negative interest rates were likely to weigh on the group and strong client trading was unlikely to maintain its bumper pace.
Net profit attributable to shareholders rose to 698 million Swiss francs ($783 million) for 2020, as financial instrument gains and a surge in client transactions offset weak interest income.
“We delivered on the first leg of the three-year transformation strategy presented in February 2020,” Chief Executive Philipp Rickenbacher said, adding that “structural difficulties” in the overall environment posed challenges ahead. ....

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