• Headline earnings up 8,3% to R2 153 million
  • Diluted headline earnings per share increased 0,2% to 475 cents
  • Net asset value per share increased 6,6% to 9 397 cents
  • Strong capital adequacy maintained (core Tier 1: 9,9%)
  • ROE 10,7% and ROE (excluding goodwill) 12,2%
  • Interim dividend per share of 212 cents

'While we are confident that the worst of the economic downturn is behind us, the recovery is taking longer than initially expected. The economic outlook improved during the earlier part of the year, but has now softened somewhat.

Against this background we are pleased to have shown growth in headline earnings and have performed in line with most of our short-term financial objectives for the first half. However, we remain cautious on prospects for the second half.

Nedbank Group is well placed to take advantage of the upswing when it emerges more fully. Our vision is to build Africa's most admired bank. Our strategy remains unchanged, but we will manage our portfolio of businesses more aggressively to focus on areas we believe will yield the highest growth in economic profit over the longer term.'

Mike Brown
Chief Executive Officer