Nedbank year end results

RNS Number : 9264N

Old Mutual PLC

26 February 2009

 



Ref 03/09

26 February 2009

NEDBANK YEAR END RESULTS 

Nedbank, Old Mutual's 55%-owned banking subsidiary in South Africa, today released its 2008 year end results. These results reflect the bank's underlying resilience in the face of the global crisis in the financial markets, the discipline of the banking environment in South Africa, which remains structurally sound, and the slowdown in the domestic economy.

Particularly pleasing is the strengthening of the bank's capital ratios.

Key features of the results included:

• Strengthened capital ratios with the total capital ratio 12.4% (December 2007: 11.4%)

• Tier 1 ratio 9.6% (2007: 8.2%)

• Diluted headline earnings per share 1401 cents (2007: 1429 cents)

• Diluted basic earnings per share 1558 cents (2007: 1454 cents)

• Net asset value grew 15.7% from 6207 cents to 7179 cents

• Liquidity remains sound

• Dividend per share: 620 cents (2007: 660 cents)

The full Nedbank 2008 year end results announcement can be found on its website www.nedbank.co.za

Old Mutual plc will be announcing its preliminary results on 4 March 2009.

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

Enquiries

Investor Relations
Aleida White	UK	[phone]
Deward Serfontein	SA	[phone]
Media
Matthew Gregorowski	UK	[phone]
Nedbank Investor Relations and Media Relations
Don Bowden (Tier 1)	SA	+ 27 (0)82 555 8721

Notes to Editors

Old Mutual

Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, the group has a portfolio of businesses offering asset management, life assurance, banking and general insurance services in over 40 countries in Europe, the Americas, Africa and Asia-Pacific. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2007, the group reported adjusted operating profit of £1.62 billion (on an IFRS basis) and had £279 billion of funds under management at the year end. The Company has approximately 53,000 employees.

 

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