Nedbank Sees 26% Increase in First-Half Earnings Per Share

Nedbank Group Ltd. (NED), the South African bank controlled by Old Mutual Plc (OML), said earnings per share rose as much as 26 percent in the first half.

“The group continued to perform well in the second quarter and has made good progress in delivering on its key strategic focus areas,” the Johannesburg-based lender said in a statement today. Nedbank had earnings a share of 5.98 rand in the year- earlier period.

Absa Group Ltd., Nedbank’s competitor, will be the first of South Africa’s four largest banks to report full results for the period tomorrow. Absa said on June 26 earnings before one-time items declined as much as 10 percent in the period on rising bad loans. That prompted analysts including David Shapiro, a director at Johannesburg-based Sasfin Securities, to question whether others will have to make similar provisions.

Nedbank pared its earlier losses and was up 1.2 percent at 179.78 rand as of 3:45 p.m. in Johannesburg trading.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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