LONDON--Nedbank Group Ltd. (NED.JO), the majority-owned South
African banking subsidiary of Old Mutual PLC (OML.LN), said Friday
interest income grew 7.3% in the first quarter ended March 31 to
5.12 billion South African Rand, from ZAR4.77 billion last year,
driven by growth in average interest-earning banking assets of
5.9%.
MAIN FACTS:
-Cautious in outlook for the year, Nedbank Group remains on
track to achieve its medium to long term earnings growth target in
2013.
-Credit loss ratio increased to 1.22% (2012: 1.08%); this
comprised a specific charge of 1.13% and portfolio provisioning of
0.09% (2012: specific: 0.96% and portfolio: 0.12%).
-Non-interest revenue increased 8.1% to ZAR4.389 billion (2012:
ZAR4.06 billion.
-Continued strong growth in commission and fee income of
11.2%.
-Insurance income growth 10.1% partially reflecting the slowdown
in personal loans as well as the base effect from the benign claims
experience in H1 2012.
-Total assets increased from December 2012 7.2% to ZAR695.1
billion (December 2012: ZAR683.0 billion).
-Advances grew 10.4% to ZAR540.7 billion (December 2012:
ZAR527.2 billion).
-Assets under management increased 29.1% to ZAR161.3 billion
(December 2012: ZAR150.5 billion).
-Organic earnings growth during the first quarter resulted in
the common equity tier 1 ratio increasing to 12.2% at March 31
following the successful implementation of Basel III in SA on Jan.
1.
-Nedbank shares closed Thursday at 204 cents valuing the company
at ZAR10.01 billion.
-Write to Ian Walker at ian.walker@dowjones.com
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