Johannesburg - Nedbank [JSE:NED] posted a 13% increase in full-year earnings on Monday, in line with expectations, as lending income boosted profits.
The bank, which is majority owned by London-listed insurer Old Mutual, said diluted headline earnings per share came in at 2 066 cents in the year to December, from 1 829c a year ago.
A Thomson Reuters SmartEstimate had forecast earnings rising to 2 039c per share, an increase of 11%.
Net interest income, the measure of earnings from lending, increased by 8.2% to R22.96bn, while non-interest revenue grew nearly 5% to R20.31bn.
Nedbank shares are up 3% this year, lagging the 5.6% growth by the bank's index.