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Johannesburg - Mercantile Bank Holdings [JSE:MTL] on Thursday reported a 37.7% decline in diluted headline earnings per share from 4.1 cents to 2.6c for the year ended December 2010.
The group said it had experienced a tough trading environment in 2010.
It attributed the decline in headline earnings mainly to lower interest rates, the termination by Woolworths Financial Services of its card processing agreement in October 2009, and the increase in its cost base following the implementation of a new core banking system in April 2010.
The group said it had experienced a tough trading environment in 2010.
It attributed the decline in headline earnings mainly to lower interest rates, the termination by Woolworths Financial Services of its card processing agreement in October 2009, and the increase in its cost base following the implementation of a new core banking system in April 2010.
