South Africa's No.4 lender Nedbank Group reported a sharp slowdown in half-year profit growth on Monday, weighed down by losses at its struggling pan-African associate Ecobank and weak consumption spending at home.
Nedbank H1 profit growth slows as Ecobank weighs
Nedbank, a unit of Old Mutual, said diluted headlineearnings per share (EPS) increased 1.6 percent to 1,119 cents.
Nedbank
* Nedbank, a unit of Old Mutual, said diluted headlineearnings per share (EPS) increased 1.6 percent to 1,119 cents --excluding Ecobank Transnational Inc, diluted headline EPS grew19.7 percent.
* Nedbank's headline EPS, South Africa's main measure ofprofit, grew more than 14 percent a year earlier. Nedbank owns about 18 percent of Ecobank, whose operations in more than 30 African countries gives it a significant role in financing African economies.
* But Africa's growth prospects were dealt a blow inmid-2014 when prices of oil and other commodities -- export mainstays of many economies -- dived, partly due to a slowdown in leading consumer China. Nedbank's interim dividend per share rose 6.1 percent to570 cents. Net asset value per share rose by 9.7 pct.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Why our plane made emergency landing at Lagos airport, Air Peace clarifies
Over 75% of Katsina children are multidimensionally poor – UNICEF
PDP unveils 200-member campaign council for Ighodalo's guber election in Edo
Tinubu approves resumption of repair work on Third Mainland Bridge
Ondo Poll: Ganduje consoles Jimoh Ibrahim after crushing defeat in APC primary
FG to review recent price hike of DStv, GOtv packages amid public outcry
BREAKING: FG grants Air Peace right to commence Abuja-London flights - Keyamo
Deputy who dumped Akeredolu clinches PDP governorship ticket
Gov inaugurates 2nd phase of palliative distribution to poor Enugu residents
ADVERTISEMENT