Nedcor Limited (NED.J)
Interim results for the six months ended 30 June 2001
Nedcor Ltd ("Nedcor"), the South African banking group, in which Old Mutual
plc ("Old Mutual") has a 53.4% holding, has today issued interim results for
the six months ended 30 June 2001.
The full text of the Nedcor announcement is available on the Stock Exchange
News Service (SENS). It should be noted that in the interim accounts for Old
Mutual, certain items in the Nedcor results will be treated under UK
Generally Accepted Accounting Practice (GAAP) rather than South African GAAP
used by Nedcor. Old Mutual will release its interim results on 4 September
2001.
Commenting on Nedcor's results, Julian Roberts, Finance Director of Old
Mutual said:
"Nedcor has achieved a solid set of results in the first half of 2001,
improving market share in a tough market. It is now the second largest bank
in South Africa in terms of assets with strategies to drive further growth
out of new ventures and partnerships. The excellent achievement in
increasing headline earnings by over 20% is driven by good levels of growth
in operating income and continued tight control on expenses."
2 August 2001
ENQUIRIES:
Old Mutual, London
James Poole, Director Investor Relations Tel: + 44 20 7569 0100
College Hill, London
Matthew Gregorowski Tel: + 44 20 7457 2020
Old Mutual, Cape Town
Bruce Allen, Manager, Group Media Communications Tel: + 27 21 509 2732
College Hill, Johannesburg Linda Baker Tel: + 27 11 447 3030
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