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Unbundled RMB posts earnings rise

Johannesburg - Financial services group RMB Holdings [JSE:RMH] on Wednesday announced a 15% rise in headline earnings per share to 231.7 cents.

RMBH's normalised earnings from continuing operations, after recognising the affect of the unbundling of RMI Holdings, amounted to 241.3c/share, from 199.2c previously.

The group announced a 28% rise in normalised earnings from continuing operations of R3.09bn and as at June 30 RMBH's market capitalisation amounted to R37.7bn or R26.65 per share, representing a 2.9% premium to the group's underlying intrinsic value.

At the end of June, RMBH said its net borrowings at holding company level amounted to about R1.37bn, from R750m in 2010. "We anticipate that borrowings can be maintained at this level," it said.

The board of RMBH declared a final dividend of 58.3c/share, and together with the interim dividend of 42.7c it brought the total dividends for the year to 101c, from 124c previously.

RMBH also declared a special dividend of 95c/share.
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