2nd Nov 2015 07:29
LONDON (Alliance News) - Nedbank Group Limited, the majority-owned South African banking subsidiary of British insurer Old Mutual PLC, reported that its Headline earnings for the six months ended 30 June 2015 grew 15.7% to R 5.323 billion from R 4.599 billion, underpinned by strong non-interest revenue growth, disciplined expenses growth, ongoing improvement in impairments and faster growth from activities in the rest of Africa, including associate income from its shareholding in Ecobank Transnational Incorporated.
Diluted headline earnings per share increased 14.1% to 1 101 cents from the prior year's 965 cents and headline earnings per share grew by 13.7% to 1 128 cents from 992 cents in the prior year.
Economic profit increased by 59.4% to R1.328 billion from R833 million in the prior year.
Net interest income grew 3.7% year-over-year to R11.675 billion as the 9,6% growth in average interest-earning banking assets was partially offset by the narrowing of the net interest margin to 3.36%.
Non-interest revenue improved 10.2% to R 10.450 billion from the prior year.
"Our expectation of organic growth in diluted headline earnings per share for the year ending 31 December 2015 to be above nominal gross domestic product growth remains unchanged," the company said.
Copyright RTT News/dpa-AFX
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