NED
NED
NED - Nedbank Group - Trading Statement
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
("Nedbank Group" or "the group")
TRADING STATEMENT
In February this year Nedbank Group cautioned that the deteriorating
macroeconomic outlook was likely to make 2008 significantly more challenging for
the South African economy and the banking sector.
In the six months to 30 June 2008 ("the period") underlying growth in assets and
net interest income has remained solid. However, as anticipated and reported
when the group released its first quarter trading statement in May 2008,
impairment levels, arising mainly from the retail portfolios, have now risen
above the group`s through-the-cycle expectations.
Profit for the period has benefited from an after-tax profit of R637 million on
the disposal of the group`s shares in Visa. This profit arose from the sale of
shares from the initial Visa public offering in March 2008, as previously
reported, and the subsequent disposal of the group`s remaining Visa shares in
June 2008. This has been treated as a non-trading and capital item and does not
form part of headline earnings.
Shareholders are accordingly advised that, taking the profit on the sale of Visa
shares and other non-trading and capital items into account, diluted basic
earnings per share for the period are estimated to be between 28% and 31% higher
than the 678 cents per share reported for the period to June 2007.
Diluted headline earnings per share for the period are expected to be between 5%
and 8% higher than the 673 cents per share reported for the period to June 2007.
Nedbank Group`s results for the six months ended 30 June 2008 will be released
on SENS on Wednesday, 6 August 2008.
The financial information on which this trading statement is based has not been
reviewed or reported on by the group`s auditors.
Sandton
31 July 2008
Sponsors:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Date: 31/07/2008 08:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
