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Nedbank Earnings Rises 7.3 Percent on Non-Interest Revenue

Nedbank Group Ltd. (NED), the South African lender controlled by Old Mutual Plc (OML), said first-quarter net interest income rose 7.3 percent as sales from fees grew.

Net interest income rose to 5.12 billion rand ($572.75 million) in the three months through March, compared with 4.78 billion rand a year ago, the Johannesburg-based lender said in a statement today. Non-interest revenue, or sales generated by fees, increased 8.1 percent to 4.4 billion rand, it said.

“Although we are cautious in our outlook for the year, Nedbank Group remains on track to achieve its medium to long term earnings growth target in 2013,” Nedbank’s Chief Executive Officer Mike Brown said in the statement.

Nedbank shares declined 1.6 percent to 184.27 rand at 9:53 a.m. in Johannesburg, valuing the company at 94 billion rand.

To contact the reporter on this story: Gordon Bell in Johannesburg at gbell16@bloomberg.net

To contact the editor responsible for this story: David Risser at drisser@bloomberg.net

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