Nov. 4 (Bloomberg) -- Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, delayed the appointment of a successor to Chief Executive Officer Tom Boardman to maintain stability amid the global credit crunch.

``Given the strong and stable position of the bank against the background of the current volatile market conditions, the board considers it prudent to delay the process,'' the Johannesburg-based lender said in a statement today.

The contract of Boardman, 59, was extended in October last year through to 2010. The board had planned to appoint a successor before the end of this year to allow Boardman time to work with the new CEO before retiring. He took over in 2003 after the company posted a loss because of an acquisition and a surge in the rand that slashed foreign income.

Nedbank today forecast that full-year profit will be little changed as the highest South African interest rates in five years slow lending and boost bad loan charges. While South African banks have escaped the worst of the global credit crunch, profit growth has slowed as consumers struggle to repay mortgages and car loans.

Earnings per share before one-time items will probably be the same or ``slightly lower'' than in 2007, Nedbank said. That misses the median estimate of 10 analysts surveyed by Bloomberg News for a 2 percent rise to 14.56 rand a share.

Nedbank's shares slid 1.8 percent to 95.45 rand for a market value of 44.7 billion rand ($4.5 billion), the second- worst performer in the six-member FTSE/JSE Africa Banks Index.

Profit Outlook

Standard Bank Group Ltd., Africa's largest lender, on Oct. 23 also said full-year profit will be little changed. Absa Group Ltd., controlled by Barclays Plc, on Oct. 31 said third-quarter pretax profit was ``broadly in line with last year'' after rising impairments countered ``good'' income growth.

Nedbank's impairment charges as a percentage of total loans climbed to 1.02 percent at the end of September from 0.96 percent three months earlier, the lender said. That compares with an end-September ratio of 1.42 percent at Standard Bank, the nation's largest credit card provider.

To contact the reporter on this story: Vernon Wessels in Johannesburg at vwessels@bloomberg.net

Last Updated: November 4, 2008 10:37 EST