Nedbank Group Ltd. (NED.JO), one of South Africa's largest lenders, said Monday it remains well capitalized and solidly profitable although earnings for the year are likely to be as much as 13% lower since a once-accounting benefit won't be repeated.

Diluted earnings are currently expected to be between 5% and 13% below the 1,109 cents ($1.61) reported for 2009 when Nedbank recorded a 547 million rand gain on the purchase of joint ventures from majority owned Old Mutual PLC (OML.LN), the Johannesburg company said.

HSBC Holdings PLC (HBC) last week ended talks with Old Mutual on a proposed bid for a controlling interest in Nedbank.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com

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