Nedbank Group Limited H1 18 results

RNS Number : 0250X

Old Mutual Limited

07 August 2018

 

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

JSE Share Code: OMU

NSX Share Code: OMM

("Old Mutual")

Ref 29/18

7 August 2018

NEDBANK GROUP - UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2018

Nedbank Group Limited ("Nedbank Group"), the majority-owned South African banking subsidiary of Old Mutual Limited, released a trading statement today, 7 August 2018.

The following is the opening comments from Mike Brown, Chief Executive of the Nedbank Group's announcement. 

"NEDBANK GROUP - UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2018

Strong performance in a difficult environment

Nedbank Group delivered a strong performance in the first half of 2018, assisted by our share of associate income from ETI as it returned to profitability, while our managed operations delivered positive, but slower, earnings growth in line with our expectations. Headline earnings of R6,7bn increased 27,0% and ROE (excluding goodwill) improved to 18,4%. Slow revenue growth and a gradual increase in impairments were offset by good cost management. We maintained a strong balance sheet, as evident in our IFRS 9 fully phased-in CET1 ratio of 12,4% and the interim dividend per share increasing by 13,9%. Total assets exceeded R1 trillion for the first time.

Nedbank continues to make good progress in delivering market-leading client value propositions and digital innovations. This focus has enabled us to increase our total client base to over eight million for the first time, grow revenues and unlock operating efficiencies. In the second half of 2018 we look forward to the launch of more exciting innovations for clients. Our strategic enablers, including ongoing technology investments, our people, our culture and our brand, are creating a more client-focused, agile, competitive and digital Nedbank.

Given the strong growth in diluted headline earnings per share in the first half of 2018, together with expectations of a slowly improving economic outlook and ongoing delivery on our strategy, our guidance for growth in diluted headline earnings per share for 2018 remains unchanged, being in line with our medium-to-long-term target of greater than or equal to GDP plus CPI plus 5%.

Mike Brown

Chief Executive"

The full announcement can be found on the Nedbank website at www.nedbankgroup.co.za.

JSE Sponsor:               Merrill Lynch South Africa (Pty) Limited

Namibia Sponsor:       PSG Wealth Management (Namibia) (Proprietary) Limited

Enquiries

Investor Relations

Patrick Bowes (Interim Head of Investor Relations)           T: [phone]

                                                                                            E: [e-mail]

Communications:

Tabby Tsengiwe                                                                 T: [phone]

                                                                                            M: [phone]

                                                                                            E: [e-mail]

Notes to Editors

About Old Mutual Limited

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 17 countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage across sub-Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent.

For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com.

 

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