Nedbank uplift on retail gains

Michael Bow
Follow Michael
SOUTH African bank Nedbank Group, part of London listed Old Mutual, yesterday said it boosted profits by nearly a fifth last year after strong revenue growth from its retail business.

An additional 655,000 new retail customer helped increase the business’s diluted headline earnings per share, a key measure of profitability in South Africa, to jump 19 per cent to 1,595 cents.

Nedbank is South Africa’s fourth biggest lender. The bank’s interest-earning assets grew 7.5 per cent last year versus 5.1 per cent in 2011.