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JSE NBKP
NBKP
NBKP - Nedbank Limited - Reviewed interim financial results for the six months
ended 30 June 2010
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 2010
OVERVIEW
Nedbank Limited (`Nedbank`) is a wholly owned subsidiary of Nedbank Group
Limited (`Nedbank Group`), which is listed on JSE Limited. These condensed
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 condensed consolidated interim financial
results is included in the Nedbank Group results, as presented to
shareholders on 2 August 2010. Further information is provided on the website
www.nedbankgroup.co.za.
BOARD CHANGES DURING THE PERIOD
As previously reported, Bob Head and Jabu Moleketi resigned from the board with
effect from 19 February 2010 and 1 March 2010 respectively. Following the
retirement of Tom Boardman from the group with effect from 28 February 2010, he
has continued to serve on the boards of Nedbank Group and Nedbank in a
non-executive capacity with effect from 1 March 2010. He has not been
classified as an independent director, as he has served as an executive of the
group.
EXECUTIVE MANAGEMENT APPOINTMENTS
The group announced the appointment of John Bestbier as Group Executive of
Strategic Planning with effect from 1 January 2010, and Ciko Thomas as Group
Executive of Marketing, Communications and Corporate Affairs with effect from
18 January 2010. Both positions are Group Executive Committee appointments and
report to the Chief Operating Officer, Graham Dempster.
ACCOUNTING POLICIES
Nedbank is a company domiciled in South Africa. The condensed consolidated
interim financial results at and for the half-year ended 30 June 2010 comprise
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.
Nedbank`s condensed consolidated interim financial 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
(IAS) 34: Interim Financial Reporting, the Companies Act of South Africa, as
well as the AC 500 standards as issued by the Accounting Practices Board or its
successor.
In the preparation of these condensed consolidated interim 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 2010. These assumptions are subject to ongoing review and possible
amendments.
EVENTS AFTER THE REPORTING PERIOD
There are no material events after the reporting period to report on.
REVIEWED RESULTS - AUDITORS` REPORT
KPMG Inc and Deloitte & Touche, Nedbank`s independent auditors, have reviewed
the condensed consolidated interim financial results of Nedbank and have
expressed an unmodified review opinion on the condensed consolidated interim
financial results. The auditors` review was conducted in accordance with
International Standards on Review Engagements (ISRE 2410): Review of Interim
Financial Information Performed by the Independent Auditor of the Entity. The
condensed consolidated financial results comprise the consolidated statement of
financial position at 30 June 2010, consolidated statement of comprehensive
income, condensed consolidated statement of changes in equity, condensed
consolidated statement of cashflows for the six months then ended and selected
explanatory notes. The review report is available for inspection at Nedbank`s
registered office.
NEDBANK NON-REDEEMABLE NON-CUMULATIVE PREFERENCE
SHARES - DECLARATION OF DIVIDEND NO 15
Notice is hereby given that preference dividend no 15 of 38,0549 cents per
share has been declared for the period from 1 January 2010 to 30 June 2010,
payable on Monday, 30 August 2010, to shareholders of the non-redeemable
non-cumulative preference shares recorded in the books of the company at the
close of business on Friday, 27 August 2010.
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, 20 August 2010
Shares trade ex dividend Monday, 23 August 2010
Record date Friday, 27 August 2010
Payment date Monday, 30 August 2010
Share certificates may not be dematerialised or rematerialised between Monday,
23 August 2010, and Friday, 27 August 2010, both days inclusive.
Where applicable, dividends in respect of certificated shares will be
transferred electronically to shareholders` bank accounts on the 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,
30 August 2010.
For and on behalf of the board
Reuel J Khoza Michael WT Brown
Chairman Chief Executive Officer
2 August 2010
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), MWT Brown* (Chief Executive Officer),
CJW Ball**, TA Boardman, TCP Chikane, GW Dempster* (Chief Operating Officer),
MA Enus-Brey, Prof B de L Figaji, DI Hope (New Zealand), A de VC Knott-Craig,
WE Lucas-Bull, NP Mnxasana, RK Morathi* (Chief Financial Officer), JVF Roberts
(British), GT Serobe, MI Wyman (British).
* Executive ** Senior independent non-executive director
Company Secretary: GS Nienaber
Sponsors: Investec Bank Limited and Nedbank Capital
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
Interest and similar income 21 815 24 316 49 332
Interest expense and similar charges 14 071 16 527 33 795
Net interest income 7 744 7 789 15 537
Impairments charge on loans and advances 3 230 3 426 6 659
Income from lending activities 4 514 4 363 8 878
Non-interest revenue 5 025 4 812 10 338
Operating income 9 539 9 175 19 216
Total operating expenses 7 077 6 587 13 792
- Operating expenses 7 018 6 523 13 674
- Black economic empowerment(BEE)
transaction expenses 59 64 118
Indirect taxation 205 165 402
Profit from operations before non-trading
and capital items 2 257 2 423 5 022
Non-trading and capital items (11) 15 (32)
- Net (loss)/profit on sale of
subsidiaries, investments, and
property and equipment (11) 17 (22)
- Net impairment of investments, property
and equipment, and
capitalised development costs (2) (10)
Profit from operations 2 246 2 438 4 990
Share of losses of associates and joint
ventures (1) (1)
Profit before direct taxation 2 246 2 437 4 989
Total direct taxation 458 541 960
- Direct taxation 461 540 959
- Taxation on non-trading and capital items (3) 1 1
Profit for the period 1 788 1 896 4 029
Other comprehensive (loss)/income net of
taxation (39) 7 264
- Exchange differences on translating
foreign operations (2) 32
- Fair-value adjustments on
available-for-sale assets (41) 9 146
- Gains on property revaluations 2 86
Total comprehensive income for the period 1 749 1 903 4 293
Profit attributable to:
Equity holders of the parent 1 754 1 832 3 790
Non-controlling interest - ordinary
shareholders 34 56 224
- preference shareholders 8 15
Profit for the period 1 788 1 896 4 029
Total comprehensive income attributable to:
Equity holders of the parent 1 715 1 839 4 054
Non-controlling interest - ordinary
shareholders 34 56 224
- preference shareholders 8 15
Total comprehensive income for the period 1 749 1 903 4 293
HEADLINE EARNINGS RECONCILIATION
for the period ended
Reviewed
30 Jun 2010
Net of
Rm Gross taxation
Profit attributable to equity holders of the parent 1 754
Less: Non-trading and capital items (11) (8)
- Net (loss)/profit on sale of subsidiaries, investments,
and property and equipment (11) (8)
- Net impairment of investments, property and equipment,
and capitalised development costs
Headline earnings 1 762
Reviewed
30 Jun 2009
Net of
Rm Gross taxation
Profit attributable to equity holders of the parent 1 832
Less: Non-trading and capital items 15 14
- Net (loss)/profit on sale of subsidiaries, investments,
and property and equipment 17 16
- Net impairment of investments, property and equipment,
and capitalised development costs (2) (2)
Headline earnings 1 818
Audited
31 Dec 2009
Net of
Rm Gross taxation
Profit attributable to equity holders of the parent 3 790
Less: Non-trading and capital items (32) (33)
- Net (loss)/profit on sale of
subsidiaries, investments, and
property and equipment (22) (23)
- Net impairment of investments, property and equipment,
and capitalised development costs (10) (10)
Headline earnings 3 823
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
for the period ended
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
2010 2009 2009
Rm
Cash generated by operations 6 447 6 811 13 703
Change in funds for operating activities (8 601) (4 024) (14 018)
Net cash (utilised by)/from operating
activities before taxation (2 154) 2 787 (315)
Taxation paid (508) (931) (1 977)
Cashflows (utilised by)/from operating
activities (2 662) 1 856 (2 292)
Cashflows utilised by investing
activities (2 137) (643) (1 734)
Cashflows from/(utilised by) financing
activities 5 510 (700) 3 587
Net increase/(decrease) in cash and cash
equivalents 711 513 (439)
Cash and cash equivalents at the
beginning of the period* 17 260 17 699 17 699
cash and cash equivalents at the end of
the period* 17 971 18 212 17 260
* Including mandatory reserve deposits with central banks.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Reviewed Audited
at 30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
ASSETS
Cash and cash equivalents 6 764 7 328 6 823
Other short-term securities 16 079 14 104 14 408
Derivative financial instruments 13 036 18 625 12 871
Government and other securities 40 233 35 398 35 754
Loans and advances 458 330 428 376 444 403
Other assets 3 761 3 938 3 917
Clients` indebtedness for acceptances 1 781 1 847 2 025
Current taxation receivable 315 553 580
Investment securities 2 927 2 708 3 012
Non-current assets held for sale 12
Investments in associate companies and
joint ventures 899 908 922
Deferred taxation asset 138 64 36
Investment property 96 104 102
Property and equipment 5 002 4 264 4 754
Long-term employee benefit assets 1 859 1 725 1 783
Mandatory reserve deposits with central
banks 11 207 10 884 10 437
Intangible assets 3 206 3 043 3 151
Total assets 565 633 533 869 544 990
EQUITY AND LIABILITIES
Ordinary share capital 27 27 27
Ordinary share premium 14 422 14 422 14 422
Reserves 18 513 17 531 18 174
Total equity attributable to equity
holders of the parent 32 962 31 980 32 623
Preference share capital and premium 3 562 3 122 3 483
Non-controlling interest attributable to
- ordinary shareholders 78 1 633 1 796
- preference shareholders 300 91
Total equity 36 602 37 035 37 993
Derivative financial instruments 10 704 15 486 10 799
Amounts owed to depositors 480 573 456 571 465 899
Provisions and other liabilities 6 432 5 375 5 218
Liabilities under acceptances 1 781 1 847 2 025
Current taxation liabilities 104 118 162
Deferred taxation liabilities 1 513 1 792 1 514
Long-term employee benefit liabilities 1 332 1 260 1 298
Long-term debt instruments 26 592 14 385 20 082
Total liabilities 529 031 496 834 506 997
Total equity and liabilities 565 633 533 869 544 990
Guarantees on behalf of clients 28 432 25 941 27 827
CONDENSED SEGMENTAL REPORTING
for the period ended
Total assets
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
Nedbank Capital 204 944 173 053 198 260
Nedbank Corporate 154 010 151 323 148 606
Business Banking 77 137 77 308 80 245
Nedbank Retail 145 119 142 151 143 948
Nedbank Wealth 34 264 33 744 33 909
Imperial Bank 57 777 51 182 55 660
Shared Services 6 353 6 183 7 431
Central Management 37 563 33 422 31 868
Eliminations (126 320) (111 048) (129 224)
Total per Nedbank
Group 590 847 557 318 570 703
Fellow-subsidiary adjustments (25 214) (23 449) (25 713)
Total 565 633 533 869 544 990
Operating income
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
Nedbank Capital 1 438 1 567 3 346
Nedbank Corporate 2 003 1 978 4 263
Business Banking 1 751 1 823 3 722
Nedbank Retail 3 857 3 554 6 973
Nedbank Wealth 1 074 700 1 854
Imperial Bank 618 449 1 275
Shared Services 149 155 195
Central Management 145 (59) 27
Eliminations (39) (40) (77)
Total per Nedbank
Group 10 996 10 127 21 578
Fellow-subsidiary adjustments (1 457) (952) (2 362)
Total 9 539 9 175 19 216
Headline earnings
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
Nedbank Capital 578 675 1 447
Nedbank Corporate 623 725 1 626
Business Banking 437 532 1 113
Nedbank Retail (115) (69) (490)
Nedbank Wealth 233 203 498
Imperial Bank 185 46 201
Shared Services 214 92 152
Central Management (2) (216) (270)
Eliminations
Total per Nedbank
Group 2 153 1 988 4 277
Fellow-subsidiary adjustments (391) (170) (454)
Total 1 762 1 818 3 823
The comparative results for the segmental reporting for the periods ended 30
June 2009 and 31 December 2009 have been restated in line with the group`s
implementation of a revised economic capital allocation methodology. The
restatement has no effect on the group results and ratios, and only changes
segment results and ratios.
CONDENSED GEOGRAPHICAL SEGMENTAL REPORTING
for the period ended
Operating income
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
South Africa 10 117 9 348 19 867
- Business operations 10 117 9 348 19 867
- BEE transaction expenses
- Profit attributable to non-controlling
interest - preference shareholders
Rest of Africa 481 407 860
Rest of world - business operations 398 372 851
Total per Nedbank Group 10 996 10 127 21 578
Fellow-subsidiary adjustments (1 457) (952) (2 362)
Total 9 539 9 175 19 216
Headline earnings
Reviewed Reviewed Audited
30 Jun 30 Jun 31 Dec
Rm 2010 2009 2009
South Africa 1 917 1 795 3 800
- Business operations 2 103 2 044 4 260
- BEE transaction expenses (55) (62) (116)
- Profit attributable to non-controlling
interest - preference shareholders (131) (187) (344)
Rest of Africa 98 103 213
Rest of world - business operations 138 90 264
Total per Nedbank Group 2 153 1 988 4 277
Fellow-subsidiary adjustments (391) (170) (454)
Total 1 762 1 818 3 823
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 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 comprehensive
income for the period 1 839 56
Net expense
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
Issues of shares net
of expenses 361
Ordinary
non-controlling
shareholders` share
of preference
dividends paid (6)
Dividends to ordinary
shareholders (1 401)
Dividends to preference
shareholders (2)
Total comprehensive
income for the period 2 215 168
Net (expense)/income
recognised directly in equity (169) - 1
-Share-based payment
reserve movement (166)
-Regulatory risk
reserve provision (3)
-Buyout of non-controlling
interests 1
-Preference shares held by
group entities
Balance at 31
December 2009 32 623 3 483 1 796
Issues of shares net
of expenses 92
Preference share
cumulative dividend paid (13)
Dividends to ordinary
shareholders (856) (7)
Total comprehensive
income for the period 1 715 34
Net expense
recognised directly in equity (520) - (1 745)
-Share-based payment
reserve movement (410)
-Regulatory risk
reserve provision (2)
-Buyout of non-controlling
interests (108) (1 745)
Balance at 30 June 2010 32 962 3 562 78
Non-controlling
interest
attributable to
preference
shareholders Total equity
Rm
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 comprehensive income for the period 8 1 903
Net expense 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
Issues of shares net of expenses 361
Ordinary non-controlling shareholders`
share of preference dividends paid 6 -
Dividends to ordinary shareholders (1 401)
Dividends to preference shareholders (13) (15)
Total comprehensive income for the period 7 2 390
Net (expense)/income recognised directly
in equity (209) (377)
-Share-based payment reserve movement (166)
-Regulatory risk reserve provision (3)
-Buyout of non-controlling interests 1
-Preference shares held by group entities (209) (209)
Balance at 31 December 2009 91 37 993
Issues of shares net of expenses 92
Preference share cumulative dividend paid (13)
Dividends to ordinary shareholders (863)
Total comprehensive income for the period 1 749
Net expense recognised directly in equity (91) (2 356)
-Share-based payment reserve movement (410)
-Regulatory risk reserve provision (2)
-Buyout of non-controlling interests (91) (1 944)
Balance at 30 June 2010 - 36 602
THESE RESULTS AND ADDITIONAL INFORMATION ARE AVAILABLE AT
WWW.NEDBANKGROUP.CO.ZA.
Date: 02/08/2010 08:00:01 Produced by the JSE SENS Department.
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