South Africa's Nedbank Group Ltd. (NED.JO) posted an increase in revenue for 2010 and said the bank remains on track to further grow profit in 2011 and meet its 2013 financial targets.

Headline earnings, a measure that strips out a number of one-time items, rose 14.6% in 2010 to 4.9 billion rand.

Diluted earnings per share, however, was 1,050 cents, 5% 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 Old Mutual, Nedbank said.

The lender said its net interest income was up 1.9% from 2009 at ZAR16.6 billion. Non-interest revenue grew 11% in 2010 to ZAR13.22 billion, it said.

Last year Nedbank was the target of a takeover by HSBC Holdings Ltd. (HBC), before the U.K. bank withdrew its bid in October. Old Mutual PLC (OML.LN) is the majority owner of Nedbank.

"Margins should widen slightly, given that interest rates are expected to remain unchanged, and hence the negative effect of assets re-pricing quicker than liabilities out to three months will decrease," Nedbank said.

The credit loss ratio is currently expected to decrease but to remain above the group's target range in 2011, Nedbank said.

-By Devon Maylie, Dow Jones Newswires; +44 (20) 7842 9483; devon.maylie@dowjones.com
Nedbank (PK) (USOTC:NDBKY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Nedbank (PK) Charts.
Nedbank (PK) (USOTC:NDBKY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Nedbank (PK) Charts.