Loading...
See More

Old Mutual shines on Nedbank strength

Aug 08 2012 09:32 Reuters

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 221.76
Change -0.22
% Change 0.00
Cumulative volume 256187
Market cap 110.72bn

Last Updated: 23/10/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

OLD MUTUAL PLC [JSE:OML]

Last traded 32.35
Change 0.25
% Change 0.01
Cumulative volume 11954230
Market cap 158.46bn

Last Updated: 23/10/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Old Mutual sales get emerging market lift

Old Mutual gets nod for Nordic sale

Old Mutual plans to acquire Nigerian firm

Nedbank hits back

Nedbank first-half profit up 24%

Nedbank rips me off, says Fin24 user

 

London - Insurer Old Mutual [JSE:OML] reported a 12% rise in first-half profit, helped by a strong performance at its South African banking business, and said it was pressing ahead with plans to expand across sub-Saharan Africa.

Old Mutual, which runs insurance, banking and asset management businesses in about 30 countries, made an adjusted pretax operating profit of £791m in the first six months of the year, it said on Wednesday.

The improvement partly reflected a 27% jump in profit at Nedbank Group [JSE:NED], its majority-owned South African banking business.

Old Mutual, which in March announced plans to bolster its presence in fast-growing African markets, said it was considering a move into Nigerian non-life insurance.

The company, which has said it aimed to sell its Nedbank stake as part of a plan to refocus on life insurance and asset management, also said it had paid off £603m of debt this year.

That brought it within £450m of its target of reducing borrowing by £1.5bn by the end of 2012.

Old Mutual shares closed at 170 pence on Tuesday, valuing it at about £8bn.

*Follow Fin24 on Facebook, Twitter and Google+.

 
nedbank group  |  old mutual
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
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

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...