Loading...
See More

Nedbank ups revenue

Oct 29 2012 09:25 Reuters

Company Data

OLD MUTUAL PLC [JSE:OML]

Last traded 0
Change -0,5
% Change 0
Cumulative volume 7668661
Market cap 165.35bn

Last Updated: 19-12-2014 at 04:41. Prices are delayed by 15 minutes. Source: McGregor BFA

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 0
Change -1,24
% Change 0
Cumulative volume 472764
Market cap 121.82bn

Last Updated: 19-12-2014 at 04:40. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Nedbank: Bank costs hard to assess

Nedbank chair warns of rogue state

Old Mutual shines on Nedbank strength

Nedbank hits back

Nedbank grants loan facility to Transnet

Nedbank first-half profit up 24%

 

Johannesburg - Nedbank Group [JSE:NED] on Monday reported a 14% increase in non-lending revenue for the first nine months of the year, helped by higher fees and said it was on track to meet its full-year earnings target.

Nedbank, South Africa’s fourth-largest bank, said in a trading statement that non-interest revenue, which includes fees and commissions, rose 13.9% to R12.4bn in the nine months to end-September.

South African banks have been on a push to increase their transaction business to offset weak corporate demand for credit in Africa’s top economy.

They have also stepped up unsecured lending - the profitable but higher-risk practice of extending loans not backed by collateral.

Nedbank, which is about 52% owned by London-listed insurer Old Mutual [JSE:ML], said net interest income rose 9.2% to R14.5bn.

Net interest income is a measure of earnings from lending.

The bank also said it was on track to meet its earnings growth target for 2012. Its target is South Africa’s GDP growth plus the consumer price index plus 5% and would be around 13.2%, according to Reuters calculations.

Shares of the bank were flat at R181.61 at 07:12 GMT.


nedbank group
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

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
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

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