One of South Africa’s biggest banks says there are signs of strain among clients who are defaulting on loans. Nedbank‘s credit loss ratio, which is a financial metric that shows the quality of a bank’s loan portfolio, rose for the year to December.
The bank says consumers are coming under increasing pressure from higher-than-expected interest rate increases, higher levels of inflation and more severe impacts from power cuts. Nedbank has now upped its provisions for bad debt in a sign that the near term outlook is set to worsen.
Source: eNCA
In other news – Brad Pitt is suing ex-wife Angelina Jolie
Brad Pitt is suing ex-wife Angelina Jolie, saying she deliberately kept him in the dark about the sale of her share of their family wine business to a Russian oligarch. The Oscar-winning actor claims in new court documents that — amid the continued war in Ukraine — the association presents an “existential threat to the business” due to the new part owner’s ties to Russia.
The first amended complaint about the winery, filed in February 2022, sought damages for declaratory relief, disgorgement, and damages, along with pre- and post-judgment interest for the defendants’ alleged tortious interference with contractual relations. Learn more
