24th Feb 2014 08:46
LONDON (Alliance News) - Old Mutual PLC Monday said its majority-owned South African banking subsidiary, Nedbank Group Ltd, has reported a 16% rise in annual headline earnings, driven by higher revenues and a slower increase in impairments than in net interest income.
According to the statement, Nedbank reported ZAR8.67 billion in headline earnings for the year ended December 31, 2013, compared with ZAR7.48 billion in 2012.
Nedbank declared an increase in its dividend to 895 cents a share from 752 cents the year prior.
Old Mutual is set to report its full results for 2013 on Friday.
In early trade Monday, Old Mutual shares were up 0.4% at 184.45 pence.
By Samuel Agini; [email protected]; @samuelagini
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