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Nedbank banks on higher earnings

Johannesburg - Nedbank Group [JSE:NED], the bank majority owned by insurer Old Mutual [JSE:OML], said on Tuesday it expects first-half earnings to rise by as much as 28%.

South Africa's fourth-largest bank was hit hard after the recession in 2009, and is aiming to right its retail unit and boost non-interest revenue as demand for credit remains weak among companies and individuals.

The bank said in a statement it expects diluted headline earnings per share to increase by between 23% to 28% in the six months to end-June, from 474 cents a year earlier.

The bank did not give a reason for the expected rise in earnings.

HSBC, Europe’s largest lender, walked away from a takeover bid for Nedbank last year.

Nedbank shares, which are up about 11% so far this year, were down 1% in Tuesday afternoon trade, roughly in line with the Top 40 - (Tradeable) [JSE:J200] index of blue chips.

Nedbank is due to release its earnings on August 1.

 
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