MTL
MTL
MTL - Mercantile - Trading Statement
Mercantile Bank Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/000164/06)
Share code: MTL & ISIN: ZAE000064721
("Mercantile" or "the Company")
TRADING STATEMENT
This trading statement is issued in compliance with paragraph 3.4(b) of the
Listings Requirements of the JSE Limited.
On 31 October 2008 a SENS announcement indicated that Mercantile`s earnings and
headline earnings per share for the year ending 31 December 2008 were expected
to improve by 130% to 150% compared to the earnings and headline earnings per
share reported for the year ended 31 December 2007 due to the ongoing growth in
core business and the raising of a deferred taxation asset at year end by the
main subsidiary of the Company, Mercantile Bank Limited (`the Bank") which would
result in a credit to the income statement of approximately R125 million to R145
million. Excluding the impact of recognising the deferred taxation, the earnings
and headline earnings for the year ended 31 December 2008 were expected to
improve by 45% to 65% compared to the earnings and headline earnings per share
reported for the year ended 31 December 2007.
Shareholders are advised that excluding the impact of recognising the deferred
taxation, the earnings and headline earnings for the year ended 31 December 2008
are now expected to improve by 53% to 58% compared to the earnings and headline
earnings per share reported for the year ended 31 December 2007 whereas due to a
higher deferred taxation credit than anticipated in October 2008 the expected
earnings and headline earnings for the year ended 31 December 2008 are now
expected to improve by 150% to 160% compared to the earnings and headline
earnings per share reported for the year ended 31 December 2007.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors.
The results for the year ended 31 December 2008 are expected to be published on
or about 24 February 2009.
Johannesburg
18 February 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 18/02/2009 15:16:01 Produced by the JSE SENS Department.
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