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Nedbank eyes leap in earnings

Feb 06 2012 09:43 I-Net Bridge

Company Data

Top 40 [JSE : J200]

Last traded R29,074.19
Change R-63.65
% Change -0.22%
Cumulative volume 93.53m
Market cap R0.00

Last Updated: 25/05/2012 at 19:33. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Old Mutual Plc [JSE : OML]

Last traded R18.74
Change R-0.11
% Change -0.58%
Cumulative volume 8.89m
Market cap R91.29bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Nedbank Group Ltd [JSE : NED]

Last traded R168.34
Change R-0.80
% Change -0.47%
Cumulative volume 299,281
Market cap R85.43bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - Nedbank Group [JSE:NED], South Africa's fourth-largest lender, said its full-year earnings rose by as much as 28%, boosted by higher non-interest revenues and a better-performing retail unit.

Nedbank, like other banks in Africa's top economy, has been on a push to boost the money it makes from transactions, to offset weakness in loan demand.

The bank, which is majority owned by insurer Old Mutual [JSE:OML], said in a statement on Monday it expects to report a 23% to 28% increase in diluted headline earnings per share for the year to end-December.

That compares with an average estimate of a 25% increase in a poll of 14 analysts by Thomson Reuters.

Bigger rival Absa has also flagged its own profits will increase by as much as 22%.

Nedbank is due to report its full-year financial results on February 29. Its shares were up 0.94% at R160.49 at 07:43 GMT, compared with a 0.12% rise in the Top 40 - (Tradeable) [JSE:J200] index.

 

 
 
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