Nov. 4 (Bloomberg) -- Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, said annual profit, excluding one-time items and goodwill amortization, will probably be the same or ``slightly lower'' than in 2007.

Higher impairment charges and a drop in transaction volumes ``continue to affect earnings growth negatively'' at the retail business, while revenue growth has slowed in the investment banking unit, Johannesburg-based Nedbank said in a stock-exchange statement today. Basic earnings in the year through Dec. 31 is expected to be ``slightly higher'' than in 2007, it added.

To contact the reporters on this story: Nasreen Seria in Johannesburg at nseria@bloomberg.net

Last Updated: November 4, 2008 04:36 EST