26 percent rise in profit for Nedbank
Strong performance from Ecobank, its west African associate, offset a weak showing in South Africa.
Nedbank’s diluted headline earnings per share (EPS) rose by 26 percent in H1, to 1,361 cents. This compared with 1,078 cents a year earlier. Chief Executive Mike Brown said in a statement that he anticipated diluted headline EPS for the full year to exceed or equal growth in South Africa’s GDP, plus five percent.
“We expect that this growth momentum will continue for the rest of the year,” Brown said in a statement. We are anticipating earnings growth for our Rest of Africa businesses to be the leading contributor to Nedbank’s overall headline earnings growth for 2018.”
Ecobank accounted for most of the R207 million in associate income Nedbank reported. Nedbank owns approximately 21 percent of Ecobank. This stake could, however, be cut to 16 percent if and when some convertible securities are exchanged into shares.