Nedbank Group Trading Statement

RNS Number : 8489W

Old Mutual PLC

06 February 2012

 



Ref 9/12

6 February 2012

NEDBANK GROUP - TRADING STATEMENT

Old Mutual plc announces that its majority owned South African banking subsidiary Nedbank Group Limited ("Nedbank Group") released its third quarter trading update today, 6 February 2012. The full Nedbank Group third quarter trading update can be found on the company's website www.nedbankgroup.co.za.

The following is the full text of Nedbank Group's announcement:

The following statement is made with reference to paragraph 3.4 (b) of the JSE Listings Requirements:

Nedbank Group experienced ongoing earnings momentum in the fourth quarter of 2011 underpinned by the group's strategic focus areas of repositioning Nedbank Retail, growing NIR, portfolio tilt and expanding our business in the rest of Africa. Overall, this is expected to contribute to strong earnings growth for 2011 in excess of the group's medium-to long-term financial target.

Consequently, shareholders are advised that diluted headline earnings per share ("EPS") and diluted basic EPS for the year ended 31 December 2011 are expected to be between 23% and 28% higher than the 1 069 cents per share and 1 050 cents per share respectively reported for the comparative period to December 2010.

The financial information on which this trading statement is based has not been reviewed or reported on by the group's auditors.

Nedbank Group's results for the year ended 31 December 2011 will be released on SENS on Wednesday, 29 February 2012.

Sandton

6 February 2012

Enquiries

External Communications / Investor Relations
Patrick Bowes		[phone]
Kelly de Kock		[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia.  Old Mutual is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

In the year ended 31 December 2010, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £309 billion of funds under management from core operations, and shareholders' equity of £9.0 billion.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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