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Johannesburg - Nedbank Group advised on
Thursday that Diluted headline earnings per share and diluted earnings per
share for 2009 are currently expected to be between 25% and 35% lower than
the 1 401 cents per share and 1 558 cents per share respectively reported
for the comparative period to December 2008.
In a trading update for the third quarter, the group said that the
economic environment is likely to remain weak for the balance of the year.
"In this tough climate consumers and corporates are likely to remain
under pressure which is expected to impact on transaction volumes and asset
growth," the banking group said.
It added that the credit loss ratio is expected to continue to improve
slowly, as affordability improves and impairments slow.
"Nedbank Group remains alert to benefit from opportunities that arise
as the cycle improves and is well-positioned to capitalise on these through
its strong balance sheet, solid banking franchise, focus on risk management
and strong cost management.
"Earnings forecasts remain within the ranges communicated at the
interim stage, but being closer to the financial year end the group has
narrowed these ranges."
"Diluted headline earnings per share and diluted earnings per share
for 2009 are currently expected to be between 25% and 35% lower than the
1 401 cents per share and 1 558 cents per share respectively reported for
the comparative period to December 2008," Nedbank said.
It added that it continues to be cautious about prospects and its
forecasts for the rest of the year.
- I-Net Bridge