Trading Statement for Nedbank Group Limited

RNS Number : 9469J

Old Mutual PLC

07 July 2011

 



Ref 72/11

7 July 2011

Old Mutual plc

Trading Statement for Nedbank Group Limited

Old Mutual plc announces that its majority owned South African banking subsidiary Nedbank Group Limited ("Nedbank Group") made the following announcement today, 7 July 2011.

"NEDBANK GROUP - TRADING STATEMENT

The following statement is made with reference to paragraph 3.4 (b) of the JSE Listings Requirements that companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from the results of the previous corresponding period.

In February 2011 Nedbank Group reported it was well placed for earnings growth in the year ahead and that it remained on track to meet its medium-to long-term financial targets in 2013. In May 2011 the group reported that it had a good first quarter and made strong progress against its strategic objectives, resulting in ongoing improvement in performance, building on the momentum created in the second half of 2010.

The group is pleased to report continued earnings and growth momentum.

Accordingly, the board is satisfied that a reasonable degree of certainty exists thatdiluted headline earnings per share (EPS) and diluted basic EPS for the six month period ended 30 June 2011 will be at least 20% higher than the 475 cents per share and 474 cents per share respectively reported for the comparative period to June 2010. Further guidance will be provided as soon as there is a reasonable degree of certainty in terms of the extent of the expected improvement in performance.                                    

Shareholders are advised that 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 six months ended 30 June 2011 will be released on SENS on Monday, 1 August 2011.

Sandton

7 July 2011"

Enquiries

External Communications
Patrick Bowes		[phone]
Investor Relations
Aleida White		[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual plc 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 plc 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. 

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

 

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