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.