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Nedbank headline earnings up 14.6%

Johannesburg - Nedbank Group [JSE:NED] boosted headline earnings by 14.6% to R4.9bn for the year ended December 2010.

This translated into diluted headline earnings per share of 1 069 cents, which was an 8.7% increase on the 983 cents earned the previous year.

The group declared a full year dividend of 480 cents per share, which represented an increase of 9.1%.

The group recorded strong non-interest revenue growth of 11% to R13.2bn.

Commenting on the results, Nedbank group CEO Mike Brown said: "2010 saw our headline earnings grow for the first time since 2007, ending the year marginally above our expectations as set out in the third-quarter trading update. Earnings momentum built during the year, with earnings in the second half up strongly on the first half.

"These results were driven by improving economic conditions and the group's strategic focus on growing non-interest revenue. Our wholesale businesses remained resilient and the performance of Nedbank Retail improved as impairments decreased and we began to realise the benefits of the Imperial Bank acquisition. Nedbank Wealth grew strongly following the integration of the former joint ventures and pleasing growth in new business.

"While the global economic recovery remains fragile, we believe the worst of the cycle is behind us and expect continued earnings growth in 2011."
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