4th Aug 2015 07:38
LONDON (Alliance News) - Nedbank Group Ltd, which is Old Mutual PLC's South African banking subsidiary, on Tuesday reported a 15.7% increase in headline earnings in the first half.
Nedbank said its headline earnings increased to ZAR5.32 billion in the six months to the end of June. It increased its interim dividend per share by 17% to 537 cents.
Nedbank said headline earnings growth was supported by strong non-interest revenue figures and a disciplined approach to managing expenses, improvement in impairments for bad loans and faster growth from activities in the rest of Africa.
"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," Nedbank Chief Executive Mike Brown said in a statement.
London-listed Old Mutual owns 52% of Nedbank.
Old Mutual shares were down 0.6% at 212.00 pence on Tuesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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