Commentary & highlights

Financial statements

Segmental reporting

Downloads

Presentation

Webcast

 


  • Diluted headline earnings per share up 6,8%
  • Diluted earnings per share up 29,6%
  • Efficiency ratio improved from 55,2% to 51,5%
  • ROE (excluding goodwill) decreased from 24,7% to 21,3%
  • Net asset value per share increased 18,1% to 8 155 cents
  • Interim dividend per share maintained at 310 cents

‘In the context of a tougher economic environment the group’s wholesale businesses continued to perform well, but earnings in the retail businesses decreased as a result of higher impairment charges.

In February this year we cautioned that the deteriorating macroeconomic outlook was likely to make 2008 significantly more challenging for the South African economy and the banking sector. Underlying growth in assets and net interest income has remained solid, but impairment levels, arising mainly from the retail portfolios, have now risen above the group’s through-the-cycle expectations.

To manage the business through the current high interest rate cycle Nedbank Group has, for some time, been strengthening collection and risk processes, controlling cost growth and improving capital ratios. At the same time we continue to focus on and invest in areas with medium- to long-term growth potential and capitalise on the opportunities created by more volatile market conditions.’

Tom Boardman Chief Executive