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JSE NBKP
NBKP
NBKP - Nedbank Limited - Reviewed interim financial results for the six months
ended 30 June 2009
Nedbank Limited
Reg No: 1951/000009/06
Incorporated in the Republic of South Africa
JSE share code: NBKP
ISIN: ZAE000043667
Reviewed interim financial results for the six months ended 30 June 2009
Overview
Nedbank Limited (`Nedbank`) is a wholly owned subsidiary of Nedbank Group
Limited, which is listed on JSE Limited. These consolidated interim financial
results are published to provide information to holders of Nedbank`s listed
non-redeemable non-cumulative preference shares.
Commentary relating to the Nedbank consolidated interim financial results is
included in the Nedbank Group Limited group results, as presented to
shareholders on 5 August 2009. Further information is provided on the website
www.nedbankgroup.co.za.
Board changes during the year
As previously reported, Alan Knott-Craig was appointed as an independent
non-executive director on 1 January 2009 and Rosie Harris resigned as a
non-executive director on 31 March 2009, following her resignation as Group
Risk Director of Old Mutual plc. More recently it was announced that Wendy
Lucas-Bull, Jabu Moleketi and Malcolm Wyman have been appointed as independent
non-executive directors with effect from 1 August 2009.
Accounting policies 1
Nedbank is a company domiciled in South Africa. The condensed consolidated
interim financial results of the company at and for the half-year ended 30 June
2009 comprised the company and its subsidiaries (the `group`) and the group`s
interests in associates and jointly controlled entities.
Nedbank`s principal accounting policies have been applied consistently over the
current and prior financial years, except for the adoption of new and amended
accounting standards as disclosed in the Nedbank Group Limited results.
Nedbank`s consolidated interim results have been prepared in accordance with
the recognition and measurement criteria of International Financial Reporting
Standards (IFRS), interpretations issued by the International Financial
Reporting Interpretations Committee (IFRIC) and the presentation and disclosure
requirements of International Accounting Standard 34: Interim Financial
Reporting.
In the preparation of these financial results the group has applied key
assumptions concerning the future and other indeterminate sources in recording
various assets and liabilities. These assumptions were applied consistently to
the group financial results for the six months ended 30 June 2009. These
assumptions are subject to ongoing review and possible amendments.
Events after the reporting period 1
There are no material events after the reporting period to report on.
Reviewed results - auditors` opinion
KPMG Inc and Deloitte & Touche, Nedbank`s independent auditors, have reviewed
the consolidated interim financial results of Nedbank and have expressed an
unmodified review opinion on the consolidated interim financial results. The
auditors` review was concluded in accordance with International Standards on
Review Engagements (ISRE 2410): Review of Interim Financial information. The
condensed consolidated financial results comprise the consolidated statement of
financial position at 30 June 2009, consolidated statement of comprehensive
income, condensed consolidated statement of changes in equity and condensed
consolidated cashflow statement for the six months then ended, and selected
explanatory notes. The selected explanatory notes are marked with 1. The review
report is available for inspection at Nedbank`s registered office.
Nedbank non-redeemable non-cumulative preference shares - declaration of
dividend no 13
Notice is hereby given that preference dividend no 13 of 48,98630 cents per
share has been declared for the period from 1 January 2009 to 30 June 2009,
payable on Monday, 31 August 2009, to shareholders of the non-redeemable
non-cumulative preference shares recorded in the books of the company at the
close of business on Friday, 28 August 2009.
In accordance with the provisions of STRATE, the electronic settlement and
custody system used by JSE Limited, the relevant dates for the payment of the
dividend are as follows:
Last day to trade cum dividend Friday, 21 August 2009
Shares trade ex dividend Monday, 24 August 2009
Record date Friday, 28 August 2009
Payment date Monday, 31 August 2009
Share certificates may not be dematerialised or rematerialised between Monday,
24 August 2009, and Friday, 28 August 2009, both days inclusive.
Where applicable, dividends in respect of certificated shares will be
transferred electronically to shareholders` bank accounts on payment date. In
the absence of specific mandates, dividend cheques will be posted to
shareholders. Shareholders who have dematerialised their share certificates
will have their accounts, at their participant or broker, credited on Monday,
31 August 2009.
For and on behalf of the board
RJ Khoza TA Boardman
Chairman Chief Executive
4 August 2009
Consolidated statement of comprehensive income
for the period ended
Reviewed Reviewed Audited
June June December
Rm 2009 2008 2008
Interest and similar income 24 316 25 477 55 154
Interest expense and similar charges 16 527 17 942 39 874
Net interest income 7 789 7 535 15 280
Impairments charge on loans and advances 3 426 1 865 4 755
Income from lending activities 4 363 5 670 10 525
Non-interest revenue 4 812 4 541 9 877
Operating income 9 175 10 211 20 402
Total operating expenses 6 587 6 191 12 671
Operating expenses 6 523 6 087 12 484
BEE transaction expenses 64 104 187
Indirect taxation 165 182 356
Profit from operations before
non-trading and capital items 2 423 3 838 7 375
Non-trading and capital items 15 766 745
Net profit on sale of subsidiaries,
investments, and property and equipment 17 766 756
Net impairment of investments, property
and equipment, and capitalised
development costs (2) (11)
Profit from operations 2 438 4 604 8 120
Share of (losses)/profits of associates
and joint ventures (1) 7 9
Profit before direct taxation 2 437 4 611 8 129
Total direct taxation 541 1 068 1 791
Direct taxation 540 958 1 683
Taxation on non-trading and capital items 1 110 108
Profit for the period 1 896 3 543 6 338
Other comprehensive income net of taxation 7 (273) (218)
Exchange differences on translating
Foreign operations (2) 17 (24)
Fair-value adjustments on
available-for-sale assets 9 (298) (272)
Gains on property revaluations 8 78
Total comprehensive income for the period 1 903 3 270 6 120
Profit attributable to:
Equity holders of the parent 1 832 3 434 6 106
Non-controlling interest
- ordinary shareholders 56 102 217
- preference shareholders 8 7 15
Profit for the period 1 896 3 543 6 338
Headline earnings reconciliation
Reviewed Reviewed
June 2009 June 2008
Net of Net of
Gross taxation Gross taxation
Rm
Profit attributable to equity
holders of the parent 1 832 3 434
Less: Non-trading and capital items 15 14 766 656
Net profit on sale of subsidiaries,
investments, and property and
equipment 17 16 766 656
Net impairment of investments,
property and equipment,
and capitalised development costs (2) (2)
Headline earnings 1 818 2 778
Audited
December 2008
Net of
Gross taxation
Rm
Profit attributable to equity holders of the parent 6 106
Less: Non-trading and capital items 745 637
Net profit on sale of subsidiaries, investments,
and property and equipment 756 648
Net impairment of investments, property and
equipment, and capitalised development costs (11) (11)
Headline earnings 5 469
Condensed consolidated statement of cashflows
for the period ended
Reviewed Reviewed Audited
June June December
2009 2008 2008
Rm
Cash generated by operations 6 811 6 219 13 867
Change in funds for operating activities (4 024) (2 675) (9 842)
Net cash generated by operating
activities before taxation 2 787 3 544 4 025
Taxation paid (931) (1 127) (2 087)
Cashflows from operating activities 1 856 2 417 1 938
Cashflows utilised by
investing activities (643) (236) (1 214)
Cashflows utilised by
financing activities (700) (478) (921)
Net increase/(decrease) in cash
and cash equivalents 513 1 703 (197)
Cash and cash equivalents at the
beginning of the period* 17 699 17 896 17 896
Cash and cash equivalents at the end of
the period* 18 212 19 599 17 699
* Including mandatory reserve deposits with central banks.
Consolidated statement of financial position
at
Reviewed Reviewed Audited
June June December
Rm 2009 2008 2008
Assets
Cash and cash equivalents 7 328 10 122 7 638
Other short-term securities 14 104 16 517 10 411
Derivative financial instruments 18 625 18 082 23 114
Government and other securities 35 398 36 188 41 834
Loans and advances 428 376 408 325 433 422
Other assets 3 938 6 547 4 731
Clients` indebtedness for acceptances 1 847 3 121 2 998
Current taxation receivable 553 2 314
Investment securities 2 708 2 667 2 743
Non-current assets held for sale 10
Investments in associate companies and
joint ventures 908 788 913
Deferred taxation asset 64 78 71
Investment property 104 75 104
Property and equipment 4 264 3 757 4 124
Long-term employee benefit assets 1 725 1 528 1 667
Computer software and capitalised
development costs 1 653 1 473 1 587
Mandatory reserve deposits with central
banks 10 884 9 477 10 061
Goodwill 1 390 1 390 1 390
Total assets 533 869 520 137 547 132
Equity and liabilities
Ordinary share capital 27 27 27
Ordinary share premium 14 422 14 422 14 422
Reserves 17 531 15 691 16 927
Total equity attributable to equity
holders of the parent 31 980 30 140 31 376
Preference share capital and premium 3 122 3 122 3 122
Non-controlling interest attributable to
ordinary shareholders 1 633 1 307 1 644
preference shareholders 300 300 300
Total equity 37 035 34 869 36 442
Derivative financial instruments 15 486 16 952 23 077
Amounts owed to depositors 456 571 438 728 461 084
Provisions and other liabilities 5 375 10 388 6 145
Liabilities under acceptances 1 847 3 121 2 998
Current taxation liabilities 118 210 117
Deferred taxation liabilities 1 792 1 670 1 982
Long-term employee benefit liabilities 1 260 1 251 1 227
Long-term debt instruments 14 385 12 948 14 060
Total liabilities 496 834 485 268 510 690
Total equity and liabilities 533 869 520 137 547 132
Guarantees on behalf of clients 25 941 20 287 25 154
Condensed geographical segmental reporting
for the period ended
Operating income
Reviewed Reviewed Audited
June June December
2009 2008 2008
Rm
South Africa 9 348 10 224 20 504
Business operations 9 348 10 224 20 504
BEE transaction expenses
Profit attributable to non-controlling
interest
- preference shareholders
Rest of Africa 407 379 764
Rest of World - business operations 372 417 809
Total per Nedbank Group 10 127 11 020 22 077
Fellow-subsidiary adjustments (952) (809) (1 675)
Total 9 175 10 211 20 402
Headline earnings
Reviewed Reviewed Audited
June June December
2009 2008 2008
Rm
South Africa 1 795 2 769 5 408
Business operations 2 044 3 042 5 932
BEE transaction expenses (62) (105) (187)
Profit attributable to non-controlling
interest
- preference shareholders (187) (168) (337)
Rest of Africa 103 70 182
Rest of world - business operations 90 104 175
Total per Nedbank Group 1 988 2 943 5 765
Fellow-subsidiary adjustments (170) (165) (296)
Total 1 818 2 778 5 469
Condensed segmental reporting
for the period ended
Total assets
Reviewed Reviewed Audited
June June December
Rm 2009 2008 2008
Nedbank Corporate 150 172 152 910 148 506
Business Banking 76 403 75 421 79 646
Nedbank Capital 171 485 173 075 188 706
Nedbank Retail 175 895 166 839 170 963
Imperial Bank 51 182 43 560 48 768
Shared Services 6 183 6 217 6 373
Central Management 33 421 38 104 36 639
Eliminations (107 423) (107 119) (112 578)
Total per Nedbank Group 557 318 549 007 567 023
Fellow-subsidiary adjustments (23 449) (28 870) (19 891)
Total 533 869 520 137 547 132
Operating income
Reviewed Reviewed Audited
June June December
Rm 2009 2008 2008
Nedbank Corporate 1 920 1 897 3 985
Business Banking 1 775 2 057 4 020
Nedbank Capital 1 495 1 349 2 684
Nedbank Retail 4 127 4 926 9 413
Imperial Bank 449 543 1 120
Shared Services 154 59 2
Central Management 247 225 929
Eliminations (40) (36) (76)
Total per Nedbank Group 10 127 11 020 22 077
Fellow-subsidiary adjustments (952) (809) (1 675)
Total 9 175 10 211 20 402
Headline earnings
Reviewed Reviewed Audited
June June December
Rm 2009 2008 2008
Nedbank Corporate 685 772 1 564
Business Banking 499 731 1 360
Nedbank Capital 626 600 1 266
Nedbank Retail 47 728 1 002
Imperial Bank 46 88 166
Shared Services 82 27 (32)
Central Management 3 (3) 439
Eliminations
Total per Nedbank
Group 1 988 2 943 5 765
Fellow-subsidiary
adjustments (170) (165) (296)
Total 1 818 2 778 5 469
Condensed consolidated statement of changes in equity
Non-controlling
Total equity interest
attributable to Preference attributable to
equity holders share capital ordinary
of the parent and premium shareholders
Rm
Balance at 31
December 2007 28 403 3 122 1 307
Ordinary
non-controlling
shareholders` share of
preference dividends paid (7)
Dividends to ordinary
shareholders (934) (67)
Dividends to preference
shareholders (161)
Total income and
expense for the period 2 832 - 74
Total comprehensive
income for the period 3 161 102
Net income recognised
directly in equity (329) - (28)
Share-based payment
reserve movement (328)
Disposal of subsidiaries (29)
Other movements (1) 1
Balance at 30 June 2008 30 140 3 122 1 307
Ordinary non-controlling
shareholders` share
of preference dividends paid (8)
Dividends to ordinary
shareholders (1 360)
Dividends to
preference
shareholders (172)
Shares issued by subsidiary 225
Total income and
expense for the period 2 768 - 120
Total comprehensive
income for the period 2 721 121
Net income recognised
directly in equity 47 - (1)
Share-based payment
reserve movement 40
Regulatory risk
reserve provision 7
Other movements (1)
Balance at 31 December 2008 31 376 3 122 1 644
Ordinary non-controlling
shareholders` share of preference
dividends paid (9)
Dividends to ordinary
shareholders (669) (5)
Dividends to
preference shareholders (333)
Total income and
expense for the period 1 606 - 3
Total comprehensive
income for the period 1 839 56
Net income recognised
directly in equity (233) - (53)
Share-based payment
reserve movement (233)
Buyout of
non-controlling interests (53)
Balance at 30 June 2009 31 980 3 122 1 633
Non-controlling
interest
attributable to
preference
shareholders Total equity
Rm
Balance at 31 December 2007 300 33 132
Ordinary non-controlling
shareholders` share of
preference dividends paid 7 -
Dividends to ordinary shareholders (1 001)
Dividends to preference shareholders (14) (175)
Total income and expense for the period 7 2 913
Total comprehensive income for the period 7 3 270
Net income recognised directly in equity - (357)
Share-based payment reserve movement (328)
Disposal of subsidiaries (29)
Other movements -
Balance at 30 June 2008 300 34 869
Ordinary non-controlling shareholders`
share of preference dividends paid 8 -
Dividends to ordinary shareholders (1 360)
Dividends to preference shareholders (16) (188)
Shares issued by subsidiary 225
Total income and expense for the period 8 2 896
Total comprehensive income for the period 8 2 850
Net income recognised directly in equity - 46
Share-based payment reserve movement 40
Regulatory risk reserve provision 7
Other movements (1)
Balance at 31 December 2008 300 36 442
Ordinary non-controlling shareholders`
share of preference dividends paid 9 -
Dividends to ordinary shareholders (674)
Dividends to preference shareholders (17) (350)
Total income and expense for the period 8 1 617
Total comprehensive income for the period 8 1 903
Net income recognised directly in equity - (286)
Share-based payment reserve movement (233)
Buyout of non-controlling interests (53)
Balance at 30 June 2009 300 37 035
These results and additional information are available on
www.nedbankgroup.co.za.
Registered office: Nedbank Sandton, 135 Rivonia Road, Sandown, 2196
PO Box 1144, Johannesburg, 2000.
Transfer secretaries: Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg, 2001 - PO Box 61051, Marshalltown, 2107.
Directors: Dr RJ Khoza (Chairman), TA Boardman* (Chief Executive), CJW Ball**,
MWT Brown* (Chief Financial Officer), TCP Chikane, MA Enus-Brey,
Prof B de L Figaji, RM Head (British), Prof MM Katz, A de VC Knott-Craig,
WE Lucas-Bull, JB Magwaza, ME Mkwanazi, NP Mnxasana, PJ Moleketi,
ML Ndlovu, GT Serobe, MI Wyman (British).
* Executive **Senior independent non-executive director
Company Secretary: GS Nienaber
Sponsors: Investec Bank Limited, Nedbank Capital
Date: 05/08/2009 08:00:01 Produced by the JSE SENS Department.
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