28th Oct 2013 07:31
LONDON (Alliance News) - Nedbank Group Ltd., the majority-owned South African banking unit of Old Mutual PLC, issued its third-quarter 2013 trading update. During the third quarter, Nedbank, in a tough and volatile economic environment, performed solidly and its focus on building the franchise continues to underpin non-interest revenue growth and proactive credit risk management strategies contributed to a rise in the credit loss ratio. Nedbank Group said it continues to make satisfactory progress towards meeting its headline earnings per share growth target for 2013.
For the nine-month period, net interest income grew 8.3% with the net interest margin at 3.58% remaining stable since June 2013. The credit loss ratio at 1.15% for the period improved from 1.31% at June 2013.
Copyright RTT News/dpa-AFX
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