Trading Statement for Nedbank Group Limited

RNS Number : 1032L

Old Mutual PLC

26 July 2011

 



Ref 73/11

26 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, 26 July 2011.

"NEDBANK GROUP - TRADING STATEMENT

On 7 July 2011 the group advised that the board was satisfied that a reasonable degree of certainty existed thatdiluted headline earnings per share (EPS) and diluted basic EPS for the six month period ended 30 June 2011 would 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 to that announcement and having strengthened portfolio impairments in the current economic conditions, the board is now in a position to provide further guidance.

Diluted headline EPS and diluted basic EPS for the six month period ended 30 June 2011 are expected to be between 23% and 28% higher than the 475 cents per share and 474 cents per share respectively reported for the comparative period to June 2010.

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

26 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 

 

END

 

 

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