Data provided by iNet BFA
Loading...
See More

Nedbank full-year profit up 19%

Feb 25 2013 08:40 Reuters

Company Data

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 171.22
Change 1.22
% Change 0.01
Cumulative volume 224642
Market cap 145.15bn

Last Updated: 27/08/2014 at 10:28. Prices are delayed by 15 minutes. Source: McGregor BFA

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 236.50
Change -1
% Change 0.00
Cumulative volume 26696
Market cap 118.07bn

Last Updated: 27/08/2014 at 10:28. Prices are delayed by 15 minutes. Source: McGregor BFA

OLD MUTUAL PLC [JSE:OML]

Last traded 35.28
Change -0.01
% Change 0.00
Cumulative volume 978559
Market cap 172.81bn

Last Updated: 27/08/2014 at 10:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Nedbank is SA's most expensive bank

Nedbank ups revenue

Nedbank: Bank costs hard to assess

Nedbank warns of car scam

Nedbank chair warns of rogue state

Nedbank grants loan facility to Transnet

 

Johannesburg - Nedbank Group [JSE:NED], South Africa's fourth-largest lender, undershot market expectations with a 19% rise in full-year earnings on Monday, as growth in profit from loans was thin.

The bank majority owned by insurer Old Mutual [JSE:OML] said diluted headline earnings per share totalled 1,595 cents in the year to end-December, from 1,340 cents a year earlier.

A Thomson Reuters SmartEstimate had forecast earnings rising to 1,619 cents.

The lender said earlier this month full-year earnings would rise by between 18%-23%.   

Net interest income, the measure of earnings from lending, rose 9.1% to R19.68bn, while non-interest revenue gained 12.4% to R17.32bn.

Impairment charges shrunk to R5.19bn from R5.33bn in the previous year. The lender hiked its dividend payout by over 24% to 752 cents per share. Analysts had anticipated a lower 749 cents.

Nedbank's retail unit incurred losses from the recession in 2009 that had left many borrowers unable to service mortgage payments but returned to profitability in 2010.

The bank has since focused on improving its retail business and boosting fees from transactions, to offset relatively muted demand for credit.

The $10.9bn bank's bigger competitor Absa Group [JSE:ASA] reported a 9% drop in full-year earnings earlier this month, hit by souring loans.

Nedbank's shares are up flat so far this year, compared with a 1% rise by the Top 40 - (Tradeable) [JSE:J200] index.

Nedbank shares rose 2.2% to R192.11on Monday morning, helped by a better-than-expected dividend payout.  


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nedbank group  |  banks
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...