LONDON--Nedbank Group Ltd. (NED.JO), the majority-owned South
African banking subsidiary of Old Mutual PLC (OML.LN), Monday
reported an 8.4% rise in net interest income for the nine months
ended Sept. 30 and said it remains well positioned to meet
full-year guidance for growth in organic diluted headline earnings
per share of greater than nominal GDP growth.
Nedbank's net interest income for the nine months was 17.04
million south African Rand, ($1.56 million), compared with ZAR15.73
million a year earlier, underpinned by average interest-earning
banking assets growth of 9.9%, compared with 6.5%.
Total advances grew 6.8% (annualized) to ZAR608.7 billion,
Nedbank said, largely due to growth in wholesale banking advances.
Deposits increased 8% (annualized) to ZAR638.8 billion.
Nedbank's Common-equity tier 1 capital ratio slipped to 11.9%,
from 12.1% at June 30. Tier 1 capital ratio slipped to 12.8%, from
13.1%, while its total capital ratio stood at 14.6%, compared with
15%.
"We are focused on the drivers of long term value creation for
our shareholders as we build our transactional banking franchise
and our pan-African banking network," Nedbank's Chief Executive
Mike Brown said.
-Write to Ian Walker at ian.walker@wsj.com
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