MTL - Mercantile Bank Holdings Limited - Trading Statement
MTL
MTL
MTL - Mercantile Bank Holdings Limited - 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.
Mercantile`s earnings and headline earnings per share for year ending 31
December 2010 are expected to decrease by 30% to 40%, compared to the
earnings and headline earnings per share reported for the year ended 31
December 2009. This decline is mainly attributable to:
- the negative endowment effect resulting from the lower interest rate
environment in South Africa and the high level of unleveraged capital
the Company;
- the termination by Woolworths Financial Services ("WFS") of its card
processing agreement in October 2009 following the sale by WFS of a
controlling interest in its financial services business; and
- the general lower level of business activity during the current
reporting period.
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 ending 31 December 2010 are expected to be published
towards the end of February 2011.
Johannesburg
16 November 2010
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 16/11/2010 11:08:02 Produced by the JSE SENS Department.
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