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Nedbank first-half profit up 24%

Johannesburg - Nedbank Group [JSE:NED] reported an expected 24% jump in first-half profit on Wednesday, helped by a surge in fees and commissions and said it was on track to meet full-year targets.

Diluted headline earnings per share rose to 741 cents in the six months to end-June, up from a total 600 cents a year earlier.

Nedbank said last month it expected first-half profit growth of up to 26%.

Bigger rival Absa Group [JSE:ASA] has already reported a 6% drop in profit for the first half, hurt by non-performing mortgages.

Nedbank, which is majority owned by insurer Old Mutual [JSE:OML], has turned its retail unit around following losses induced by a 2009 recession.

Nedbank said non-interest revenue was up 16% to R8.27bn in the six months to end June, from R7.14bn.

Net interest income, a measure of earnings from lending increased to R9.64bn from R8.68bn a year earlier.

Nedbank, which is the South African bank that HSBC dropped a takeover bid for in 2010.

Its stock is up 25% so far this year, outperforming the benchmark Top 40 - (Tradeable) [JSE:J200] index, which has gained 6.7%.

 
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