South Africa's Nedbank says lending income up 8.7 pct in Q1

Tue May 13, 2014 2:36am EDT

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JOHANNESBURG May 13 (Reuters) - South Africa's Nedbank reported an 8.7 percent jump in net interest income in the first quarter after a lending push grew total advances by nearly 15 percent.

South Africa's fourth largest bank by market value said net interest income, or revenue from lending, was 5.57 billion rand ($536 million), while non-interest revenue was up 2.7 percent to 4.5 billion rand.

Nedbank said its credit loss ratio - the proportion of bad debt costs to total loans - improved to 0.89 percent from 1.22 percent a year ago.

Total advances were up 14.9 percent to 601 billion rand, while deposits increased nearly 10 percent to 618 billion rand. ($1 = 10.3782 South African Rand) (Reporting by Helen Nyambura-Mwaura; Editing by Ed Cropley)