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JSE NBKP
NBKP
NBKP - Nedbank Limited - Reviewed condensed financial results for the six
months ended 30 june 2011
Nedbank Limited
Registration number 1951/000009/06
Incorporated in the Republic of South Africa
JSE share code: NBKP
ISIN: ZAE000043667
REVIEWED CONDENSED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011
OVERVIEW
Nedbank Limited (`Nedbank`) is a wholly owned subsidiary of Nedbank Group
Limited, 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 Limited group results, as presented
to shareholders on 1 August 2011. Further information is provided on the
website at www.nedbankgroup.co.za.
BOARD AND EXECUTIVE CHANGES DURING THE PERIOD
As previously advised, senior independent non-executive director Chris Ball
retired as a director of Nedbank Group Limited and Nedbank with effect from 6
May 2011, after reaching the mandatory retirement age for directors. The group
would like to thank Chris Ball for his significant contribution to the board
since his appointment in 2002.
Malcolm Wyman was appointed as the senior independent non-executive director
and also succeeded Chris as Chairman of the Group Audit Committee.
Two appointments to the Group Executive Committee were made during the period.
Abe Thebyane joined as Group Executive of Human Resources with effect from 1
February 2011 and Thulani Sibeko was appointed as Group Executive of
Marketing, Communications and Corporate Affairs with effect from 1 May 2011.
Selby Baqwa retired as Chief Governance and Compliance Officer at the end of
July 2011 and was requested to take up a position as an acting judge in
Pretoria. We thank him for his contribution to the Group Executive Committee
and wish him well. We are making good progress with appointing a replacement
and an announcement in this regard will be made in due course.
ACCOUNTING POLICIES
Nedbank Group Limited is a company domiciled in South Africa. The condensed
consolidated interim financial results at and for the half-year ended 30 June
2011 comprise those of 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 prepared in terms of
International Financial Reporting Standards (IFRS) and have been applied
consistently over the current and prior financial years.
Nedbank`s condensed consolidated interim financial results have been prepared
in accordance with International Accounting Standard (IAS) 34: Interim
Financial Reporting and the AC 500 standards as issued by the Accounting
Practices Board.
In the preparation of these condensed consolidated interim financial results
the group has applied key assumptions concerning the future and other inherent
uncertainties in recording various assets and liabilities. The assumptions
applied in the group financial results for the six months ended 30 June 2011
were consistent with those applied during the 2010 financial year. These
assumptions are subject to ongoing review and possible amendments. The
financial results have been prepared under the supervision of RK Morathi, the
Group Chief Financial Officer.
EVENTS AFTER THE REPORTING PERIOD
There are no material events after the reporting period to report on.
REVIEWED RESULTS - AUDITORS` REVIEW OPINION
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 conclusion 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 interim financial results comprise the
consolidated statement of financial position at 30 June 2011, 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 17
Notice is hereby given that preference dividend no 17 of 33,47260 cents per
share has been declared for the period from 1 January 2011 to 30 June 2011,
payable on Monday, 29 August 2011, to shareholders of the non-redeemable non-
cumulative preference shares recorded in the books of the company at the close
of business on Friday, 26 August 2011.
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:
Event Date
Last day to trade cum dividend Friday, 19 August 2011
Shares commence trading ex dividend Monday, 22 August 2011
Record date Friday, 26 August 2011
Payment date Monday, 29 August 2011
Share certificates may not be dematerialised or rematerialised between Monday,
22 August 2011, and Friday, 26 August 2011, 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,
29 August 2011.
For and on behalf of the board
Dr RJ Khoza MWT Brown
Chairman Chief Executive
1 August 2011
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),
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),
JK Netshitenzhe,
JVF Roberts (British),
GT Serobe,
MI Wyman** (British).
* Executive
** Senior independent non-executive
Company Secretary
GS Nienaber
Sponsors
Investec Bank Limited and Nedbank Capital.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended Reviewed Reviewed Audited
30 June 30 June 31 December
Rm 2011 2010 2010
Interest and similar income 20 218 21 815 43 421
Interest expense and similar charges 11 868 14 071 27 556
Net interest income 8 350 7 744 15 865
Impairments charge on loans and advances 2 784 3 230 6 360
Income from lending activities 5 566 4 514 9 505
Non-interest revenue 5 810 5 025 10 741
Operating income 11 376 9 539 20 246
Total operating expenses 7 981 7 077 14 983
- Operating expenses 7 933 7 018 14 838
- Black economic empowerment (BEE) 48 59 145
transaction expenses
Indirect taxation 216 205 387
Profit from operations before non- 3 179 2 257 4 876
trading and capital items
Non-trading and capital items (32) (11) (103)
- Net loss on sale of subsidiaries, (11) (17)
investments, and property and equipment
- Net impairment of investments, (32) (86)
property and equipment, and capitalised
development costs
Profit from operations before direct 3 147 2 246 4 773
taxation
Total direct taxation 763 458 983
- Direct taxation 763 461 985
- Taxation on non-trading and capital (3) (2)
items
Profit for the period 2 384 1 788 3 790
Other comprehensive income/(loss) net of 61 (39) 118
taxation
- Exchange differences on translating 10 (15)
foreign operations
- Fair-value adjustments on available- 51 (41) (31)
for-sale assets
- Gains on property revaluations 2 164
Total comprehensive income for the 2 445 1 749 3 908
period
Profit attributable to:
Equity holders of the parent 2 373 1 754 3 737
Non-controlling interest - ordinary 11 34 53
shareholders
Profit for the period 2 384 1 788 3 790
Total comprehensive income attributable
to:
Equity holders of the parent 2 433 1 715 3 855
Non-controlling interest - ordinary 12 34 53
shareholders
Total comprehensive income for the 2 445 1 749 3 908
period
HEADLINE EARNINGS RECONCILIATION
for the period Reviewed Reviewed Audited
ended
30 June 30 June 31 December
2011 2010 2010
Net of Net of Net of
Rm Gross taxation Gross taxation Gross taxation
Profit attributable 2 373 1 754 3 737
to equity holders
of the parent
Less: Non-trading (32) (32) (11) (8) (103) (101)
and capital items
- Net loss on sale (11) (8) (17) (15)
of subsidiaries,
investments, and
property and
equipment
- Net impairment of (32) (32) (86) (86)
investments,
property and
equipment, and
capitalised
development costs
Headline earnings 2 405 1 762 3 838
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS
for the period ended Reviewed Reviewed Audited
30 June 30 June 31 December
Rm 2011 2010 2010
Cash generated by operations 7 076 6 447 13 329
Change in funds for operating (2 864) (8 601) (11 705)
activities
Net cash from/(utilised by) 4 212 (2 154) 1 624
operating activities before
taxation
Taxation paid (747) (508) (1 592)
Cashflows from/(utilised by) 3 465 (2 662) 32
operating activities
Cashflows utilised by (1 340) (2 137) (3 508)
investing activities
Cashflows from financing 1 369 5 510 4 753
activities
Net increase in cash and cash 3 494 711 1 277
equivalents
Cash and cash equivalents at 18 537 17 260 17 260
the beginning of the period*
Cash and cash equivalents at 22 031 17 971 18 537
the end of the period*
* Including mandatory reserve deposits with central banks.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at Reviewed Reviewed Audited
30 June 30 June 31 December
Rm 2011 2010 2010
ASSETS
Cash and cash equivalents 10 436 6 764 7 469
Other short-term securities 25 003 16 079 21 955
Derivative financial 8 309 13 036 14 077
instruments
Government and other 35 903 40 233 31 667
securities
Loans and advances 466 074 458 330 469 527
Other assets 3 928 3 761 3 613
Clients` indebtedness for 2 721 1 781 1 920
acceptances
Current taxation receivable 590 315 440
Investment securities 3 299 2 927 2 999
Non-current assets held for 8 5
sale
Investments in associate 1 126 899 933
companies and joint ventures
Deferred taxation asset 40 138 48
Investment property 81 96 82
Property and equipment 5 620 5 002 5 394
Long-term employee benefit 2 022 1 859 1 965
assets
Mandatory reserve deposits 11 595 11 207 11 068
with central banks
Intangible assets 3 365 3 206 3 328
Total assets 580 120 565 633 576 490
EQUITY AND LIABILITIES
Ordinary share capital 27 27 27
Ordinary share premium 14 422 14 422 14 422
Reserves 21 981 18 513 20 281
Total equity attributable to 36 430 32 962 34 730
equity holders of the parent
Preference share capital and 3 560 3 562 3 560
premium
Non-controlling interest 102 78 110
attributable to ordinary
shareholders
Total equity 40 092 36 602 38 400
Derivative financial 8 800 10 704 11 930
instruments
Amounts owed to depositors 491 011 480 573 489 118
Provisions and other 6 372 6 432 6 179
liabilities
Liabilities under acceptances 2 721 1 781 1 920
Current taxation liabilities 50 104 76
Deferred taxation liabilities 1 434 1 513 1 358
Long-term employee benefit 1 452 1 332 1 408
liabilities
Long-term debt instruments 28 188 26 592 26 101
Total liabilities 540 028 529 031 538 090
Total equity and liabilities 580 120 565 633 576 490
Guarantees on behalf of 29 470 28 432 29 185
clients
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total Non-
equity controlling
attributable Preference interest
to equity share attributable
holders of capital and to ordinary
Rm the parent premium shareholders
Balance at 31 December 2009 32 623 3 483 1 796
Issues of shares net of 92
expenses
Preference share cumulative (13)
dividend paid
Dividend to ordinary (856) (7)
shareholders
Total comprehensive income for 1 715 34
the period
Share-based payment reserve (410)
movement
Regulatory risk reserve (2)
provision
Buyout of non-controlling (108) (1 745)
interests
Balance at 30 June 2010 32 962 3 562 78
Issues of shares net of (1)
expenses
Preference share cumulative (1)
dividend paid
Preference share dividend (270)
Dividend to ordinary (140)
shareholders
Dilution of shareholding in (13) 13
subsidiary
Total comprehensive income for 2 140 19
the period
Share-based payment reserve 52
movement
Other movements (1)
Balance at 31 December 2010 34 730 3 560 110
Preference share dividend (143)
Dividend to ordinary (575) (9)
shareholders
Acquisition of shareholding in 11 (11)
subsidiary
Total comprehensive income for 2 433 12
the period
Share-based payment reserve (26)
movement
Regulatory risk reserve 2
provision
Other movements (2)
Balance at 30 June 2011 36 430 3 560 102
Non-
controlling
interest
attributable
to preference Total
Rm shareholders equity
Balance at 31 December 2009 91 37 993
Issues of shares net of 92
expenses
Preference share cumulative (13)
dividend paid
Dividend to ordinary (863)
shareholders
Total comprehensive income for 1 749
the period
Share-based payment reserve (410)
movement
Regulatory risk reserve (2)
provision
Buyout of non-controlling (91) (1 944)
interests
Balance at 30 June 2010 - 36 602
Issues of shares net of (1)
expenses
Preference share cumulative (1)
dividend paid
Preference share dividend (270)
Dividend to ordinary (140)
shareholders
Dilution of shareholding in -
subsidiary
Total comprehensive income for 2 159
the period
Share-based payment reserve 52
movement
Other movements (1)
Balance at 31 December 2010 - 38 400
Preference share dividend (143)
Dividend to ordinary (584)
shareholders
Acquisition of shareholding in -
subsidiary
Total comprehensive income for 2 445
the period
Share-based payment reserve (26)
movement
Regulatory risk reserve 2
provision
Other movements (2)
Balance at 30 June 2011 - 40 092
CONDENSED SEGMENTAL REPORTING
Total assets
for the period ended Reviewed Reviewed* Audited
30 June 30 June 31 December
Rm 2011 2010 2010
Nedbank Capital 196 752 204 944 215 189
Nedbank Corporate 168 791 163 026 170 274
Total Nedbank Retail and Nedbank 271 494 266 450 273 219
Business Banking
- Nedbank Retail 185 754 189 313 193 394
- Nedbank Business Banking 85 740 77 137 79 825
Nedbank Wealth 34 645 34 264 33 920
Shared Services 7 252 6 599 6 791
Central Management 40 981 40 740 37 322
Eliminations (110 040) (125 176) (127 997)
Total per Nedbank Group 609 875 590 847 608 718
Fellow-subsidiary adjustments (29 755) (70 710) (61 586)
Total 580 120 520 137 547 132
Operating income
for the period ended Reviewed Reviewed* Audited
30 June 30 June 31 December
Rm 2011 2010 2010
Nedbank Capital 1 368 1 441 2 930
Nedbank Corporate 2 355 2 044 4 565
Total Nedbank Retail and Nedbank 7 969 6 231 13 644
Business Banking
- Nedbank Retail 6 010 4 477 10 082
- Nedbank Business Banking 1 959 1 754 3 562
Nedbank Wealth 1 236 1 076 2 338
Shared Services 74 151 244
Central Management 48 92 (5)
Eliminations (20) (39) (81)
Total per Nedbank Group 13 030 10 996 23 635
Fellow-subsidiary adjustments (1 654) (1 457) (3 389)
Total 11 376 9 539 20 246
Headline earnings
for the period ended Reviewed Reviewed* Audited
30 June 30 June 31 December
Rm 2011 2010 2010
Nedbank Capital 546 580 1 202
Nedbank Corporate 779 628 1 496
Total Nedbank Retail and Nedbank 1 282 572 1 585
Business Banking
- Nedbank Retail 826 133 760
- Nedbank Business Banking 456 439 825
Nedbank Wealth 274 235 592
Shared Services (20) 195 255
Central Management (89) (57) (230)
Eliminations
Total per Nedbank Group 2 772 2 153 4 900
Fellow-subsidiary adjustments (367) (391) (1 062)
Total 2 405 1 762 3 838
* The comparative results for the condensed segmental reporting for the period
ended 30 June 2010 have been restated as a result of the integration of
Imperial Bank Limited with various operating segments. The restatement has no
effect on the group results and ratios, and only changes segment results and
ratios.
CONDENSED GEOGRAPHICAL SEGMENTAL REPORTING
Operating income
for the period ended Reviewed Reviewed Audited
30 June 30 June 31 December
Rm 2011 2010 2010
South Africa 12 095 10 117 21 578
- Business operations 12 095 10 117 21 578
- BEE transaction expenses
- Profit attributable to non-
controlling interest - preference
shareholders
Rest of Africa 503 481 1 034
Rest of world - business 432 398 1 023
operations
Total per Nedbank Group 13 030 10 996 23 635
Fellow-subsidiary adjustments (1 654) (1 457) (3 389)
Total 11 376 9 539 20 246
Headline earnings
for the period ended Reviewed Reviewed Audited
30 June 30 June 31 December
Rm 2011 2010 2010
South Africa 2 519 1 917 4 162
- Business operations 2 706 2 103 4 574
- BEE transaction expenses (44) (55) (146)
- Profit attributable to non- (143) (131) (266)
controlling interest - preference
shareholders
Rest of Africa 95 98 232
Rest of world - business 158 138 506
operations
Total per Nedbank Group 2 772 2 153 4 900
Fellow-subsidiary adjustments (367) (391) (1 062)
Total 2 405 1 762 3 838
THESE RESULTS AND ADDITIONAL INFORMATION ARE AVAILABLE AT
WWW.NEDBANKGROUP.CO.ZA.
Date: 01/08/2011 08:00:01 Produced by the JSE SENS Department.
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